"Deals valued at £503 million have been agreed ... New business deals representing commercial signings, future contract commitments and MoUs, were agreed by British and Chinese companies as part of the 10th UK China Economic and Financial Dialogue (EFD) taking place in London this week", the statement reads.
In addition, a UK-China Beef Protocol was signed, paving the way for UK producers to access the Chinese market by the end of 2019. The move ends the two-decade ban after Beijing shuttered UK beef imports in 1996.
The agreement on beef exports could be worth some 230 million pounds in the first 5 years, according to UK government estimates.
The news comes as the US and China have been attempting to overcome disagreements that emerged in the wake of US President Donald Trump's June 2018 decision to impose 25 percent tariffs on $50 billion worth of Chinese goods in a bid to fix the trade deficit. Since then, the two sides have exchanged several rounds of duties.
Last week, Trump said that his administration was prepared to impose tariffs on an additional $325 billion worth of Chinese goods if both countries do not reach a trade deal.
According to International Monetary Fund managing director Christine Lagarde, the trade dispute between the Washington and Beijing could slash global GDP growth by 0.5 percent in 2020.