LONDON — Two-way trade in goods between Britain and China's southern city of Guangzhou rocketed by over 40 percent in the first three months of 2017, reaching a value of more than $700 million, new figures have revealed.

The trading figures were announced to coincide with a visit to London by Cai Chaolin, vice mayor of the southern China port city. His visit aimed at further fortifying Guangzhou's position as a key trade and investment hub for major western economies.

The visit saw he make a keynote presentation at a forum which looked at approaches to innovation and open perspectives between Britain and Guangzhou.

Joining key partners in London to discuss future relations between Guangzhou and Britain, Cai Chaolin said: "With Guangzhou's business-friendly environment, strategic geographical advantages, proven history as a leading trade and commercial hub, and tremendous growth across industries, I believe that our city is primed to help bolster growth for British companies that are strategically preparing for a bright future ahead."

The London event this week is a precursor to the upcoming 2017 Fortune Global Forum which takes place this coming December in Guangzhou.

The latest statistics show the volume of goods trading between Guangzhou and Europe last year reached $19.08 billion, with Britain alone accounting for $2.39 billion of the trade volume, representing a 7.7 percent year-on-year increase.