Vice premier urges closer China-UK economic ties

BEIJING - Chinese Vice Premier Wang Yang on Monday called on China and Britain to deepen economic cooperation in the hope of becoming long-term complementary and win-win partners.

In his address at the UK-China Business Summit attended by visiting UK Prime Minister David Cameron, Wang noted that the United Kingdom was the first developed country to have achieved industrialization, while China is the largest developing country.

China and the UK are highly complementary in their economies, and can surely become long-term partners for win-win cooperation, Wang said.

He encouraged the two countries to make full use of each other's comparative advantages, expand the scale and explore new areas of economic and trade cooperation so as to reach a trade volume of 100 billion U.S. dollars in 2015.

The vice premier reiterated China's firm adherence to its opening-up policy, confirming that China will expand areas of opening up and shorten the process for examining and approving foreign investment and investment in foreign countries.

He said China will make its foreign investment policy stable, transparent and foreseeable, so as to enhance the confidence of foreign companies investing in China.

Cameron, who led a large delegation to China, including six cabinet ministers and 150 representatives from business and trade, said in his address that the two economies are "truly complementary" and the cooperation opportunities are "all the greater."

Britain welcomes China's investment, said Cameron, adding that his country is committed to boosting free trade and investment.

Prior to the summit, Wang met with Cameron.

Cameron arrived in Beijing earlier Monday for a three-day official visit to China at the invitation of Chinese Premier Li Keqiang.

This is Cameron's second China tour since he took office in May 2010,following an official visit in November 2010.