Deals in Shanghai kick start UK Economy Drive

Healthcare partnerships between UK and China, along with other industry sector collaborations in film, TV and tourism industries have been announced at the GREAT Festival of Creativity in Shanghai, which took place at the beginning of March. Launched by HRH The Duke of Cambridge, the festival is a unique partnership between the UK government and private sector to create jobs and growth by supporting UK companies looking to break into fast growing Chinese markets. In total, the festival is expected to bring in £150 million to the UK economy over the next 5 years

The festival which was based at the Long Museum, West Bund, welcomed more than 2,000 leading business men and women, including Sir John Sorrell, Jo Malone, Sir Tim Berners-Lee, Kelly Hoppen, Sir Martin Sorrell, Brent Hoberman, Thomas Heatherwick, Jack Ma and Liang Xinjun.

Lord Livingston, UK Trade Minister, said: Our creative industries are a highly valued asset to the UK - worth almost £80 billion a year to our economy and employing 1.6 million people. I am delighted to see so many British companies at the Great festival of Creativity in Shanghai.

Amongst deals announced, Oxford based Phynova received the first ever market approval for a traditional Chinese medicine from the Medicines and Healthcare Products Regulatory Agency, estimated to be worth £15 million over 5 years.