Make UK number one destination for investment: Brown to China

BEIJING: British Prime Minister Gordon Brown, who is on his maiden visit here since assuming office, today 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 here today 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.