Former PM takes on UK-China investment role
David Cameron is to take on a new role leading a UK government-backed investment initiative between Britain and China.
Posted by Times News on Saturday, 16th December 2017
The former Prime Minister David Cameron has adopted a fairly low profile since he left Downing Street last year. Now he’s campaigned for more research into dementia and stuck by the national citizen service he set up in office.
Mr Cameron will be involved in investing hundreds of millions of pounds in projects linked to China Belt and Road Initiative. He will take charge of a £750m ($1bn) fund to improve ports, roads and rail networks between China and its trading partners.
The government said working with China’s Belt and Road Initiative would create jobs and boost trade links.
The Belt and Road Initiative was first unveiled in 2013, but this year China’s President Xi Jinping pledged £96bn ($124bn) for the scheme, it would invest tens of billions of dollars as part of an ambitious economic plan to rebuild ports, roads and rail networks linking China and its world trading partners.
China hopes that by improving and creating trade links with other countries - by sea and rail - will boost on developing ancient trade routes through China and Europe, to help growth of the Asian superpower, which has slowed in recent years.
A statement from the Treasury also detailed progress on allowing British banks and insurers to access the Asian superpower’s bond and insurance markets.
The private fund will be supported by the British government but won’t involve any taxpayer’s money.
China’s plan is not without controversy though as some critics see it as a global push to increase Beijing’s political influence and presence.
Mr Cameron championed a drive to increase trade ties with China while he was prime minister, marking what both sides now call a "golden era".
Editor: Jian Ping Sun