Brexit doesn't dent Chinese investments into UK: report

Updated 2017-02-16 09:25:53 Global Times

Chinese investments into the UK have seen rapid growth in recent years, and the outlook for such deals is positive despite uncertainties about the future of the UK economy due to Brexit, a report said on Wednesday.

The top 30 Chinese State-owned and private companies in the UK achieved an average growth of 146 percent year-on-year in 2015, while private companies grew by 210 percent year-on-year on average in the year, according to the report from accountancy firm Grant Thornton.

The Chinese companies achieved combined turnover of more than 9.8 billion euros (.3 billion) though both organic growth and merger and acquisition (M&A) deals in 2015, said the report, which was sent to the Global Times. The companies employed more than 20,000 people in the UK, it added.

As an expectedly long, complex negotiation process is set to start, uncertainties will "inevitably" have an impact on M&A deals, causing some to fail or be postponed, but that might not stop more Chinese investments into the UK, the report said.

Since the EU referendum, there have been many major deals, including the nuclear plant project at Hinkley Point, which has gained approval from UK Prime Minister Theresa May.

The Hinkley Point deal showed that the UK remains an attractive destination for Chinese investment and the UK government's intention to maintain its competitive edge and attract more foreign investment, the report said, adding that China-UK business ties could be further enhanced.

The growth in Chinese investments to the UK is in line with China's "Belt and Road" initiative, through which the two countries could further enhance bilateral ties, the report said.

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