China keen to back HS2, and Liverpool reaffirms Shanghai ties
CHINA Development Bank (CBD) wants to invest in the HS2 high-speed rail project which will link London with the Midlands and the North via 225mph trains.
To coincide with a visit to the UK by Chinese Premier Li Keqiang, China says it wants to back major UK infrastructure projects and has signed £14bn in trade deals.
As part of this commitment, the state-owned China Development Bank (CDB) wants to invest in HS2 and the next generation of nuclear power stations.
Prime Minister, David Cameron, said: “The UK is the most popular destination in Europe for Chinese investment with more Chinese investment into the United Kingdom in the last 18 months than the whole of the last 30 years combined.”
Premier Li originally offered direct help to build HS2 during Cameron’s visit to China last December. That offer was followed by China Railway Group, a subsidiary of the state owned China Railway Engineering Corporation, saying that it could also help with construction projects connected to HS2.
The first part of the line – London to Birmingham – is due to open in 2026 with links to Leeds and Manchester up and running by 2032. The project is expected to cost £50bn, including rolling stock.
Meanwhile, Liverpool and Shanghai are to strengthen their ties during a meeting between the cities’ leaders at the International Festival for Business 2014.
Joe Anderson, Mayor of Liverpool will meet with Ms Zhao Wen, Vice-Mayor of Shanghai to renew the Memorandum of Understanding (MoU) first signed in 2007.
Ms Zhao Wen is leading a delegation to the city as she takes part in the BT Global City Leaders’ summit at St George’s Hall today, one of the signature events of IFB 2014.
