By LINGYUE ZHENG
Chinese President Xi Jinping, arrived on Monday for his first state to the United Kingdom.
In the following days, he will address the members of the Houses of Parliament, visit Imperial College London, meet with the Britain’s prime minister and, probably kick a football in Manchester.
From Xi’s visiting schedule, it is apparent to conclude that China is seeking to build, or strengthen its cooperation with UK on technology and business. On Wednesday, Xi will visit UK-China Business Summit at Mansion House, companied with David Cameron. Then he will also visit Chinese telecommunication company Huawei Technologies. On Thursday, Xi is scheduling to participate in a global satellite communication.
China is also interested in British infrastructure projects. British government would offer a $3 trillion guarantee to secure the new Hinkley Point nuclear plant and Chinese investment towards it. China is also hopes to get involved in the HS2 high-speed rail project.
From my personal understanding, Xi’s sought for cooperation on business and technology with the Britain can be seen as a method to adjust Chinese economy, for the growth speed and the drive.
For ages, China is devoted to shift from an export-led economy to consumer and service-led one. Since China’s economic growth drops to 6.9 percent in the third quarter, the weakest rate since the global financial crisis, which is below the government’s 7 percent target, Chinese are faced with restructuring pressure because it is not easy to transfer from a world-manufacture to a technological leader.
In the past years, Xi imposed more restrictions on industries that produce pollution and enacted several polices to combat bureaucratic corruption, reshaping Chinese economic landscape by decreasing industry investment and reducing government manipulation.
The reform will take long time to upgrade Chinese economy structure and rebound it economic growth.