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Trade deal could mean opportunities for UK contractors in China

David Cameron has today announced a “huge opportunity” for British businesses as the UK sign a £1.4 billion trade agreement with China.

The Prime Minister met Chinese Premier Wen Jiabao at Downing Street for talks and the UK have now signed bilateral trade agreements worth £1.4 billion with the Chinese.

It’s all to improve the relationship between UK and China, and it is being reported that the amount of two-way trade could double by 2015.

Mr Cameron said: “Trade with China is a huge opportunity for the UK but we have a lot to offer China as well. Building on this trade and investment will mean jobs, growth and prosperity for all of us.”

What does this mean for construction then? Only good things, as China are the world leader in construction activity and their economy is growing at an extremely fast rate.

The situation in China is the complete opposite to the UK. While the UK economy is in crisis, with the cost of living up and spending down, China is fastly growing into a major player on the world stage and is line to become a superpower in a few years.

Recent research shows that China is in the midst of a huge construction boom. The 2011 China Skyscraper City list found that a new skyscraper is being started every three days in China, and this will continue for the next years, which will result in hundreds of new skyscrapers in the country.

To illustrate how much of a force in the construction sector China is becoming, 2000 skyscrapers (that’s buildings over 500ft) are being built or are in the pipeline – that’s the equivalent of all the skyscrapers in the USA. That’s impressive.

If the UK can try and get involved with China’s construction activity through this trade deal, then it could give the UK construction industry a huge boost and create jobs for UK contractors to go abroad and win work.

Even if it leads to a better relationship between the UK and China and cheaper materials, this new trade deal has its benefits, as the UK is getting on the right side of the world’s fastest growing superpower.

What do you think – can this new trade deal between Cameron and China benefit the construction industry? Let us know what you think on here or on the Train4TradeSkills Facebook and Twitter pages.