Britain intends to significantly bolster trade and investment ties with the mainland and Hong Kong over the next two years. The aim is to increase bilateral trade with the mainland by US$60billion, and for more than 100 Chinese companies to be listed on the London Stock Exchange (LSE).
And Britain's Secretary of State for Business - who was in Hong Kong last week - said the country intended to generate at least 100 more investment projects on the mainland.
'We're already making strong progress towards our ambitious 2010 targets,' the minister told a gathering of the British Chamber of Commerce in Hong Kong.
To date, 68 Chinese firms in 20 sectors, including manufacturing, services and clean technology, have listed on the London bourse. In the past year alone, 17 Chinese companies raised US$1.9billion through London listings.
To gain a foothold on the mainland market, the LSE opened a marketing office in Beijing earlier this year, with Prime Minister Gordon Brown underlining its importance by officiating at the ceremony. It is only the second overseas office for the bourse. The first opened in Hong Kong in 2004.
During his Hong Kong stopover, en route to Beijing, Mr Hutton stressed the importance Britain placed on links with Hong Kong and the mainland. Both were 'valuable partners' for Britain, he said, 'with hundreds of businesses generating thousands of jobs, and billions of pounds worth of investment and trade between our countries'.