History can inspire the future

Barking and Dagenham, one of London's poorest and most neglected boroughs, has found new fame as the most westerly point of China's new Silk Road rail route.

The first train arrived on January 18 after a 12,451-kilometer journey from Yiwu, Zhejiang province, which took in Kazakhstan, Russia, Belarus, Poland, Germany, Belgium and France. It carried goods from China and opportunities for Barking.

The rail route is part of China's Belt and Road Initiative, and Barking is the new terminus.

From 1890 to 1959, the borough was developed from a predominantly rural part of Essex into an industrial and residential suburb of London. It is set for more changes as Chinese businesses look to invest in the end of the Silk Road rail line.

Darren Rodwell, leader of the Barking and Dagenham Council, highlights the importance of working alongside Chinese investors as away of developing the borough and encouraging new growth.

"I'm doing what my predecessors did - developing a pathway for everyone to aspire to. Whether that's Barking and Dagenham residents or friends across the globe, if we have the same vision, then what that does is bring communities together and prevent hatred and misunderstanding," he says.

As well as the benefits for London, Rodwell says Britain also has a lot to offer in return: "The UK is good at arts and crafts and we're good at innovation and putting that little bit of icing on the cake, so between the two great cultures we are able to come up with great new ways of taking business forward."

Rodwell adds that the borough is immersed in history. The suffragette Mary Wollstonecraft came from Barking, and Guy Fawkes left from the borough when he attempted to blow up the Houses of Parliament, he says.

The council leader says the area's history is an inspiration for the future. "The Chinese government is developing these 'silk routes' out of China and it wants to work with partners who feel the same when it comes to respecting the past but also moving forward."

Last week, Sino-Australian group ASF announced plans to develop 15,000 affordable homes in the Castle Green area of Barking, which will help alleviate a shortage of homes.

William Franklin, founder of the China Investors Club, says the investment is significant and could lead to more Chinese finance. "With the Northern Powerhouse attracting attention and investment over the last 12 months from Chinese investors on both a commercial and residential basis, it is tremendous to see plans for East London," he says.

"The Castle Green development is a collaboration with Chinese construction companies, and the investment is very much in line with the 'golden era' of opportunities between the UK and China."

Franklin believes this investment will give other Chinese businesses the confidence to look into Barking and Dagenham as part of the Belt and Road Initiative.

"To build 15,000 homes is great, but it is also about the industrial work that will come along with that as well," he says. "So it is not just about the construction, but also the infrastructure and the ecosystem that will surround it."

According to Steve McCabe, a lecturer in business at Birmingham City Business School, the development has been greeted with enthusiasm: "Anything that can be done to alleviate the extreme housing need, especially affordable housing, is to be welcomed."

Mutual benefits

Trade and Investment

The UK is China's second-largest trading partner in Europe. China is the UK's second-largest trading partner outside of the European Union.

As of April last year, British investment in China was $20.25 billion, while Chinese direct investment in the UK was $13.66 billion.

China-UK Trade Volume

Financial Services

In June, the Chinese government issued bonds worth 3 billion yuan ($35 million; 32.8 million euros; ￡27.8 million) in London, the first Chinese sovereign RMB bonds to be issued outside of China.

Infrastructure

The UK will invest up to $50 million in the Asian Infrastructure Investment Bank Fund to help developing countries prepare infrastructure programs.

Culture

The British Museum's exhibition A History of the World in 100 Objects is on display at the National Museum of China until May 31.

Education

About 150,000 Chinese students are studying in Britain, and 7,000 British students are studying in China.

In 2013, the UK government launched Generation UK, a program to help British students study or gain work experience in China. It hopes to help 80,000 British students visit China by 2020.

Sport

In 2015, China and the UK signed Tomorrow's Star, a partnership program that will include training camps for youth soccer, exchange programs for young players from both countries and training for coaches and referees.

Travel

Chinese tourists made 269,631 visits to the UK in 2015, a rise of 45.7 percent year-on-year.

(China Daily European Weekly 04/21/2017 page15)