Britain counts on China's infrastructure prowess for economic revival

(Xinhua) Updated: 2015-10-19 09:40

With Chinese capacity of building high-speed railways and standards globally recognized, Britain has encouraged enterprises and financial institutes in China to participate in the HS2 railway project.

China Haror Engineering Company Ltd has been chosen to build a six-mile wall for the world's first tidal lagoon power plant in Britain's Swansea Bay in June.

When visiting China, Osborne reiterated that British government is eager for Chinese investment increasingly and there is no country in the West that opens more to investment from China than Britain.

"We expect China to invest over 100 billion pounds (some 153 billion U.S. dollars) into Britain's infrastructure over the next decade," said Richard Laudy, head of Global Infrastructure Sector in Pinsent Masons, adding that this level of investment from China could not only help bring Britain's ageing and over utilized infrastructure up to an international standard, but could also be transformative for the British infrastructure sector.

Belt & Road, AIIB

"Britain should embrace China's rise, and we want a golden relationship with China that will help foster a golden decade for this country. It is an opportunity that the UK can't afford to miss. Simply put, we want to make the UK China's best partner in the West," Osborne has said in an article.

For Britain, Beijing-proposed Belt and Road Initiative and the Asian Infrastructure Investment Bank (AIIB) are good choices to strength ties with China.

Britain is the first major Western economy to join the China proposed financing mechanism. According to Osborne, the move would create "an unrivalled opportunity for Britain and Asia to invest and grow together."

British Ambassador to China Barbara Janet Woodward said that her country is glad to join the bank, because Britain is willing to share its technical experience with Asia, which needs to further increase investment in infrastructure.

Further development of infrastructure in Asia is not only conducive to the economy in the region, but also in favor of the global economic recovery, she added.

Jim O' Neil, who is responsible for boosting infrastructure and improving competition policy in Britain, said that joining AIIB is of great significance to his country to build closer relationship with China and Asia.

The island country also committed to working with China on the Belt and Road Initiative and plans to attract Chinese capital to help with the revitalization program.