Contracts for $62bn sealed during Xi UK visit with “no hard landing” in sight

“No hard landing”: President Xi addresses the Mansion House

Xi UK visit: As well as the rubber-stamping of China’s $9.25bn investment in the UK’s nuclear industry, Beijing and London used President Xi Jinping’s state visit to confirm a raft of deals worth almost $62bn:

  • Carnival Corporation has formed a joint venture with the China State Shipbuilding and China Investment corporations for the launch of China’s first domestic cruise brand
  • Rolls Royce has secured contracts worth a total of $2.4bn with the Hainan, Tianjin and Capital Airlines for the supply and maintenance of Trent 700 engines and 44 new Airbus A330s
  • Aston Martin has signed a $50m deal for the development of an electric version of its Rapide sports car with China Equity
  • China Capital Investment is to invest $200m in media training programs at the University of York for 300 Chinese students a year
  • In a deal believed to be worth more than $3bn, Scottish bus manufacturer Alexander Dennis is to build electric buses for the BYD automotive group
  • The SinoFortune construction group is to invest just over $154m in the development of the $3.2bn London Paramount Entertainment Resort
    During his visit, President Xi tried to calm City nerves by insisting that there would be “no hard landing “ for the Chinese economy. “Admittedly, the [Chinese] economy does face some downward pressure and structural problems, but such adjustments are normal when an economy has reached a certain stage after years of high growth,” he told an audience at the Mansion House that included the bosses of some of the UK’s biggest businesses. “The Chinese economy will operate within the proper range and there will be no hard landing.”
Source: thetimes