During a visit to Beijing, Britain’s Treasury chief, Rachel Reeves, led a delegation of British business leaders and finance officials to participate in economic and financial talks with China. The discussions aimed to reset strained ties between the two countries, marking the revival of the China-U.K. Economic and Financial Dialogue after a six-year hiatus. The annual bilateral talks had been suspended in 2019 due to the COVID-19 pandemic and deteriorating relations.
Reeves emphasized the importance of fostering a stable, long-term partnership with China and boosting economic cooperation. The U.K. government sought to address barriers faced by British businesses looking to export or expand to China, focusing on areas such as sustainable finance, capital markets connectivity, pensions, regulatory alignment, trade, and investment.
Vice Premier He Lifeng highlighted the need for enhanced cooperation between China and Britain in various sectors, including trade, investment, clean energy, financial services, the green economy, biomedicine, and artificial intelligence. Both sides expressed willingness to create a fair and non-discriminatory business environment to facilitate investment and operations for companies in each other’s countries.
The visit came amidst strained Sino-British ties, exacerbated by spying allegations, China’s support for Russia in the Ukraine conflict, and concerns over civil liberties in Hong Kong. The delegation included prominent figures such as Bank of England Governor Andrew Bailey, CEOs of financial regulatory bodies, and top executives from leading financial services firms.
Reeves also raised concerns about China’s support for Russia in the Ukraine war and discussed issues related to rights and freedoms in Hong Kong. The visit was part of broader efforts by the U.K., led by Prime Minister Keir Starmer, to strengthen political and economic relations with China, its fourth-largest trading partner.
While Starmer aimed for a pragmatic approach towards China on global stability, climate change, and clean energy transition, some critics, including the opposition Conservative Party, raised concerns about national security and human rights implications. Calls to address security threats posed by China have been growing, prompting the U.K. to navigate a delicate balance between economic cooperation and safeguarding national interests.
Developed strong connections with Prince Andrew and engaged in covert and deceptive activities on behalf of China’s ruling Communist Party, as reported by officials. “National security is the cornerstone of any government’s actions in the national interest,” stated Reeves. “However, it is crucial to maintain practical and positive relationships with nations worldwide, which align with our national interest.”___Contributions to this report were made by Associated Press writer Sylvia Hui in London and video producer Caroline Chen in Beijing.
