Coalition on trade mission to China

8th Nov 2010 10:54

Chancellor George Osborne and Business Secretary Vince Cable are in China trying to drum up more business for UK plc, and they've already got results with more in the pipeline.The pair are joined by a 50-strong group of business leaders - Prime Minister David Cameron arrives tomorrow - forming what is Britain's biggest-ever trade mission to China.Cable and Co have so far sealed a deal that allows the export of British breeding pigs to China and another to ensure the Chinese only market whisky made in Scotland as Scotch.Drinks giant Diageo is also hopeful that politicians can steer through its £700m acquisition of Chinese spirits giant Shui Jing Fang.The Smirnoff owner has been waiting months for Chinese regulatory approval to increase its stake to 53%, but Cable told the company he would try and intervene on their behalf, reports the Daily Telegraph.News of the deal first emerged at the beginning of March and China's anti-trust authorities still haven't reached a decision.Although the deal to buy an extra 4% of Shui Jing Fang was only worth around £14m when announced, the move will trigger a mandatory tender offer to all the other shareholders.The latest trip by Britain's top politicians follows Cameron's visit to India in July, another of the so-called emerging economies where there's money to be made from big bucks trade deals.