China-U.K. trade is tiny. Theresa May needs that to change
The visit, who kicks off in earnest on Wednesday, is designed to boost ties with the world's second biggest economy ahead of Britain's vestibule from the European Union.
"There are huge trade opportunities in China that we want to help British businesses take advantage of," May said in a written statement headlong of the trip. "My examination will intensify the 'Golden Era' in U.K.-China relations."
There's plenty of work to be done.
Britain, the world's â…™ largest economy, sends just 3% of its exports of goods and services to China. Meanwhile, just 7% of its imports are from China.
The total annual appraise of U.K.-China trade is tractable $84 billion, much less than the $211 billion in trade between Germany and China.
Related: See how U.K. barter stacks up
May, who will be joined by 50 representatives from businesses and trade groups, leads a government that hopes to strike new trade deals following its planned departure from the EU.
Analysts say thereat are ample opportunities for more trade with China. But a full, formalized change deal could take five to 10 years to sign after Brexit.
"A post-Brexit China-U.K. barter deal could accelerate trade disclosure and benefit both economies -- but a deal would unlikely to be struck already 2025," said Ian Mitchell, a senior policy match at the Center for Global Development in Europe.
British Prime Minister Theresa is bringing a large entourage with her to China this week to promote change ties.
Britain's main exports to China are cars, oil products and tourism services, until it mostly imports Chinese artificial goods, telecommunications equipment, clothing and electronics.
Experts say these imports have put pressure on chambermaid U.K. industries.
"Rising excellence competition from China is similar to have hastened the diminish of U.K. manufacturing, particularly in those areas of the U.K. that specialized in the production of the same type of goods that we import from China," said researchers at the National Institute of Economic and Social Research.
Related: Chinese company buys former U.K. prime minister's provincial pub
In guidebook to even out the relationship, experts hope May will pivot on improving market access for Britain's vast business and financial services industry. Language barriers and regulatory differences mean this is a largely undeveloped area.
Jon Geldart, a China expert at the tax and advisory services firm Grant Thornton International, said that May should also promote British end, technology, high-tech engineering, environmental services and craft beer.
"I hope we'll be able to draw further investment and showcase what Britain is good at," he said.
The U.K. imports a lot more from China than it exports.
But China's concern in Britain may have waned since the Brexit referendum in June 2016.
"China was interested in the U.K. as a sympathetic voice bowels the EU. Brexit means the U.K. counts for far less," said Peter Holmes, a trade expert at the University of Sussex. The "Chinese [are] unlikely to brush May off, but she can't expect much."
CNNMoney (London)
First published January 31, 2018: 12:38 AM ET
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