New partnerships between the UK and China will be worth an estimated £150 million to the UK economy over the next five years, after being agreed at an ongoing Shanghai cultural festival.

Deals around film, TV, healthcare and tourism have been announced at the GREAT Festival of Creativity in Shanghai, which was opened last night (2 March) by the Duke of Cambridge as part of his royal tour.

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The UK and China partnerships are expected to be worth about £150 million to the UK economy over five years ©iStock/MikeinLondon

The festival is being attended by 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.

“The Festival offers opportunities to deepen collaboration and partnerships between the UK and China across a range of areas that benefit from our creativity.”

Deals announced include new flights between Birmingham and Beijing; a collaboration between the British Museum and Chinese broadcaster CCTV and digital media agency Yadii to produce a documentary - The Magic Museum - and launch a supporting app, Magic M; and a film and TV co-production treaty between the UK and China.

In addition, among other deals, Royal Mail is launching a new shop front on Alibaba’s Tmall Global e-marketplace, offering British retailers and exporters “quick and easy access” to the Chinese market and direct contact with Chinese customers.