‘Make UK No. 1 destination for investment’

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British Prime Minister Gordon Brown, who is on his maiden visit in Beijing since assuming office, on Friday asked China to make UK its number one destination for investment as the two sides decided to boost bilateral trade to USD 60 billion by 2010, up from USD 40 billion last year.

"We want Britain to be the number one destination of choice for Chinese business," Brown, who arrived in Beijing on Friday on a two-day visit on the first leg of his tour of China and India, said in the presence of Premier Wen Jiabao at the ornate Great Hall of the People.

His remarks came after the two leaders oversaw both countries signing a host of agreements on bilateral cooperation in finance, education, climate change and sustainable cities.

The two countries also pledged to upgrade the China-Britain finance dialogue from the Vice Minister level to the Deputy Prime Minister level, as Brown and Wen held talks on "comprehensive strategic partnership," official Xinhua news agency reported.

Brown told reporters he welcomed investment from China's huge sovereign wealth fund, China Investment Corporation (CIC), which is tasked to invest USD 20 billion of the Communist nation's 1.5 trillion foreign exchange reserves.

Wen said the operation of the sovereign fund was free from the government interference. CIC, he said, would invest abroad only about USD 60 to 70 billion of its fund.

Brown, who characterised the Sino-British relationship as a dynamic, comprehensive and strategic partnership for the future, said, by 2010, 100 new Chinese firms would have invested in Britain and 100 partnerships between Chinese and British universities would have been forged.

During their talks, Wen told Brown that the bilateral trade was enjoying its "best period" in history and the two nations had enhanced mutual trust in politics, expanded areas of economic cooperation and maintained close coordination on international regional affairs.

"We are satisfied with the sound momentum of development of Sino-British relations," the Chinese leader told Brown, who is accompanied by a delegation of business leaders.

Wen said China and Britain, although in different social and economic situations, could become cooperative partners as long as they grasp the general direction of the development of bilateral ties from a strategic and far-reaching perspective, and adhere to the principles of mutual respect, common development, treating each other as equals and seeking common ground while reserving their differences.