Xi Jinping announces new investment deals for Manchester, as China helps to kick-start the UK’s ‘Northern Powerhouse’.
- China’s president Xi Jinping is visiting Manchester and announces new investment deals for one of the key cities at the heart of the UK’s Northern Powerhouse
- One of the deals will see a new direct flight route to Beijing from Manchester Airport with Hainan Airlines
- Prime Minister David Cameron declared that China is a “key trading partner for the UK” in its efforts to build an economic hub in the north of England
For the first time a Chinese president will visit Manchester – and he’s announcing large-scale investment deals for the region as he tours the north-west city.
Xi Jinping completes his state visit to the UK by accompanying David Cameron to Manchester, where the city’s cultural heritage and investment opportunities will be highlighted.
Mr Jinping will visit Manchester Airport and will announce that a new direct flight route from the city to Beijing will begin in 2016 with Hainan Airlines.
He will also reveal details of a new £4 million urban village investment in Salford, the third in the city that will be kick-started by Bejing Construction and Engineering Group (BCEG). This latest deal is likely to have been struck on Chancellor George Osborne’s September visit to China, where he showcased the investment opportunity of the Northern Powerhouse to business leaders and institutions.
Prime Minster Cameron said ahead of Mr Jinping’s visit: “We are committed to rebalancing our economy and building a Northern Powerhouse. China is a key trading partner for the UK and the partnerships being made today will see real investment going into the North. This is all part of this government’s plan to attract more investment and deliver economic growth to an area of huge potential.”
Manchester is set to benefit from £7 billion worth of investment under the Northern Powerhouse, with such sustained economic investment likely to impact on the city’s already established property market. This opportunity and the chance to enter the market at the beginning of a growth curve similar to the one that began in London in the mid-1990s is what has driven sustained interest from institutional investors in the last 12 months.