The two leaders are keen to keep trade between their countries soaring. Britain is the largest European Union investor in China and bilateral trade in goods and services between the two countries -- worth 32 billion dollars (25 billion euros) at the end of 2005 -- grew by 111 percent between 2001 and 2005.

"In economic terms, this is a very, very deep and strong relationship," Blair said.

"I see China's economic development as an opportunity for us, not a threat."

British aerospace giant Rolls-Royce agreed to provide Air China with Trent jet engines for its 15 Boeing Dreamliners in a deal worth 800 million dollars (631 million euros).

Meanwhile, British gas major BG Group signed agreements with China National Offshore Oil Corporation (CNOOC), while global design and engineering consultancy Arup entered into an agreement with Yunnan Provincial Airport Group.

The Rolls-Royce deal with Air China includes a long-term maintenance agreement for the Trent 1000 engines, which will be used by a Chinese carrier for the first time, Rolls said in a statement.

Air China is set to take delivery of its long-haul 787 Dreamliners from June 2008.

Rolls-Royce chairman Simon Robertson and his Air China counterpart Li Jiaxiang penned the deal at 10 Downing Street, the British prime minister's official residence.

"The decision to select the Rolls-Royce Trent 1000 was taken after a careful evaluation and successful negotiation," Li said in a statement.

"It meets the operational requirements of our Boeing 787 fleet, and the choice will be beneficial to Air China's development."

BG Group recently signed two production sharing contracts and a geophysical survey agreement with CNOOC covering deepwater exploration areas in the South China Sea.

The agreements represent BG's first investment in China and the company is hopeful that exploration activities will prove successful, enabling the development of hydrocarbon resources for the robust and high growth markets of southern China.

Arup's memorandum of understanding is to develop a design for the new Yunnan Kunming International Airport in southern China.

The agreement will see Arup work alongside a Chinese design institute, yet to be appointed, to undertake the design of the terminal building.

The airport is set to become the fourth largest airport hub in China, handling in excess of 60 million passengers per year by 2035.

Britain and China also signed an energy memorandum, creating a joint Energy Group to encourage efficiency and the development of renewable sources.

British Trade Secretary Alastair Darling, who penned the document, said: "With China's re-emergence as an economic and political power, combined with the gathering pace of globalisation, it is vital for the UK to have a close and productive relationship with China."

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