News Digest

After the pomp, the $46bn handshake: Xi and Cameron start talking money

Trade deals worth $46bn were being discussed on Wednesday as British prime minister David Cameron held talks with Chinese president Xi Jinping at Downing Street. Among them is China’s contribution to a new nuclear power plant which could open at Hinkley Point in Somerset by 2025 and an announcement is also expected with more details. French energy firm EDF will build the plant, but Beijing is expected to cover around 30% of the $37bn cost. Other initiatives being discussed will be a $500 million package of partnerships in the creative and technology industries, including a $77 million deal between Aston Martin and China Equity to develop its zero-emission RapidE sports car.

Mr. President, your visit is a defining moment in this very special year for our bilateral relationship.

Queen Elizabeth told Xi in a speech.

The talks come on the second day of the Chinese leader’s visit to Britain, with Mr Cameron eager to entice more investment. More controversial discussions are likely to be held over damage to the British steel industry through Chinese overproduction and human rights. On Tuesday night, Mr Xi enjoyed a glittering state banquet hosted by Queen Elizabeth II at Buckingham Palace. He recalled British-Chinese cooperation at different points in history before proposing a toast to the royal family, clinking glasses with the queen. The 170 guests at the white tie affair included Prince William and his wife Kate wearing a red gown and tiara.