Chancellor George Osborne is welcoming a major new investment in the Northern Powerhouse on his visit to Urumqi in the region of Xinjiang, in North West China. He said he wanted to make China the UK’s second largest trading partner.
The Chancellor visited Hualing Industry and Trade Group which announced its intention to provide the investment needed for three major property projects in Manchester, Leeds and Sheffield with a gross value of £1.2 billion.
The three projects, which are being led by the UK’s Scarborough Group, are expected to create 18,000 jobs and enable the delivery of 10,000 much-needed new homes, helping to build the Northern Powerhouse.
He wants British firms to take advantage of the huge potential in China. A new study 'One belt One Road ' by the China-Britain Business Council and the Foreign Office sets out opportunities available to British companies.
Through the One Belt One Road, China aims to create six economic corridors, spanning over 60 countries that make up almost two thirds of the world’s population and account for a third of the world’s wealth
Xinjiang, over a 1000 miles from Beijing, is roughly the size of Western Europe.