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f_0022434_18488 - THEWORLDTODAY.ORG JUNE 2011 PAGE 20 China...

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PAGE 20 China Su Hsing Loh The People’s Republic of China’s twelfth five-year plan, which provides the overarching guidelines for its domestic policies from 2011- 2015, was officially adopted on March 14 of this year. | INDEPENDENT THINKING ON INTERNATIONAL AFFAIRS THEWORLDTODAY.ORG JUNE 2011 New Incentives?
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development are also outlined, with energy consumption per unit of GDP to be reduced by sixteen percent, and carbon dioxide emission per unit of GDP to be cut by seventeen percent, while non-fossil fuel will account for 11.4 percent of primary energy consumption. Seven ‘Strategic Emerging Industries’ have been identified: these are biotechnology, new energy, high-end equipment manufacturing, energy conservation and environmental protection, clean-energy vehicles, new materials and next-generation information technologies. The development of these industries will be encouraged through tax breaks and beneficial procurement policies, with the intention of increasing their contribution of GDP to eight percent by 2015. China has indicated the intention for reform in monopoly industries for easier market entry and greater competition. This is an interesting development in view of the controversy surrounding Baidu, which faces accusations of engaging in unfair practices by making use of its dominant share of the Internet search market in China. In the context of these objectives, what are some of the areas which might hold economic opportunities for Britain and strengthen its relationship with China? The largest investor in China among European Union (EU) member states, Britain is China’s third largest trade partner, whilst China is the sixth largest source of investment for Britain. In 2004, the two countries signed the China-UK Joint Declaration opening other bilateral channels, which now include the Prime Ministerial Summit, UK-China Economic and Financial Dialogue and Sector-specific Ministerial level dialogues. Since coming to power in May 2010, David Cameron has embarked on an active economic
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