Osborne hails China R&D go-ahead
George Osborne has hailed Chinese investment in Britain as he continues his trip to the far eastern economic powerhouse.
The Chancellor visited the headquarters of internet giant Huawei in Shenzhen as the company confirmed plans for a new 200 million US dollars (£125 million) research and development base in the UK.
Social gaming company Rekoo has also said it will become the first high-profile Chinese firm to open an office in London's Tech City.
Mr Osborne said: "China's growth in high tech industries is a huge opportunity for Britain - we have some of the most innovative tech companies in the world and China offers them a huge export market.
"I am delighted to be introducing some of China's tech giants in Shenzen to some of Britain's leading tech entrepreneurs.
"Huawei and Rekoo's investment into the UK is a great testament to Britain's tech industry and I am here to make sure that relationship goes from strength to strength."
Mayor of London Boris Johnson, who is also visiting China, said: "As a leading light in China's tech scene, Rekoo's decision is another huge boost for the capital's digital industries.
"Making the most of the great minds, talented workforce, and market opportunities within immediate access of our Tech City makes absolute sense which is why London is fast becoming the digital capital of the world."
Huawei employs some 80 engineers in its existing UK R&D office in Ipswich. it is expected to employ a total of 300 by 2017.
Chief executive Ren Zhengfei said: "The UK is home to some of the best high-tech professionals in the world.
"Their creativity is a major asset to our R&D efforts, helping us produce the most advanced and competitive telecoms and broadband services available.
"Combined with an open and free-trade economy, this makes it a very good investment environment for Huawei."
Lisa Pan, Vice President of Rekoo, said: "Opening up an office in London's Tech City is a great move for Rekoo as it allows us to be the bridge between the European and Chinese mobile gaming markets.
"Companies in the UK produce very high quality games, and being in London means we can attract world-class talent and find new business opportunities with UK and European developers."