The U.K. government is donating $2.7M to translate all of William Shakespeare's works into Mandarin as part of plans to foster cultural co-operation with China.

"This funding means Western and Eastern cultures can learn from and be enriched by one another and what better way than using the works of Shakespeare," Sajid Javid, the British cultural secretary, told BBC News.

The exchange will include the translation of 14 important Chinese plays into English.

Javid also announced approximately $540,000 for a Royal Shakespeare Company tour of China.

"I profoundly believe that we foster deeper understanding between cultures by sharing and telling each other our stories," Gregory Doran, the Royal Shakespeare Company's artistic director, told BBC News.

The aim of the plan is to improve economic links with China and encourage more tourists to visit Shakespeare's native home, Javid said.

The announcement by Javid and Chinese Vice-President Ma Kai included approximately $540,000 more for a series of exchanges with the British Museum.