Sino-British economic and trade relationship is now in its best ever period, said the visiting Chinese Vice-Premier Wu Bangguo on January 20.

Speaking at luncheon here by China-Britain Business Council, Wu said, Trade and economic cooperation is an important cornerstone of the comprehensive partnership between China and Britain.

At the moment, the Sino-Britain trade only accounts for one percent of Britain's foreign trade and Britain's investment in China only 4 percent its total investment abroad.

"This makes it possible for us to increase mutually beneficial economic cooperation," added the Chinese Vice-Premier, who arrived here Tuesday for an official visit.

Referring to China's further development, Wu said China would soon implement its third-step development strategy to accelerate the development of China's west, a region vast in size, rich in natural resources and with a huge market and development potential.

It will like the development of eastern coastal areas that has served as a driving force for the sustained and rapid development of the whole country, forcefully promote greater prosperity in China, the Chinese Vice-Premier said.

Wu expressed hope that British business community will participate in this grand project which is a major decision China has made in the face of the new century.

In his speech, Wu also expressed his gratitude to Britain's business community for the active efforts and outstanding contribution they have made through the years to the promotion of China-Britain trade and economic relations.