Making working people across Britain secure and better off is at
the forefront of the Chancellor's mind while in Beijing this
weekend for a UK-China Economic and Financial Dialogue (EFD).
will meet with her
counterpart, Vice Premier He Lifeng, in the Chinese capital today
for a series of conversations around the financial services
relationship between the two countries, support for safe trade
and investment and the importance of cooperation on global issues
like climate change.
She will be joined by Bank of England Governor Andrew Bailey,
Chief Executive of the Financial Conduct Authority , and senior representatives
from some of Britain's biggest financial services firms as she
seeks outcomes that benefit our businesses, support secure and
resilient growth in the UK, and finance tackling shared global
challenges.
The Chancellor's visit follows a meeting between Prime Minister
and President Xi Jinping at
the G20 Summit last autumn, where they discussed deepening the
economic and trade relationship shared by the UK and China, in
order to yield mutual benefits, support growth, and have candid
discussion on issues where our views differ. As part of this, the
Chancellor is expected to raise constraints on rights and
freedoms in Hong Kong and to urge China to stop its material and
economic support for the Russian war effort in Ukraine.
This is part of the consistent, long term and strategic approach
that the government is taking in managing the UK's relations with
China, rooted in UK and global interests. The government will
co-operate where it can, compete where it needs to, and challenge
where it must, including to protect our values and national
security as the first duty of government.
Ahead of her visit, Chancellor of the Exchequer said:
“Growing the economy and raising living standards is front and
centre of this government's Plan for Change. That growth must be
secure, resilient, and built on stable foundations, including
through careful pragmatic cooperation with international
partners.
“By finding common ground on trade and investment while being
candid about our differences and upholding national security as
the first duty of this government, we can build a long-term
economic relationship with China that works in the national
interest.”
While in Beijing, the Chancellor will also visit Brompton's
flagship store. The enduring British bike brand is celebrating
its 50th anniversary year, and its flourishing
community in the Chinese capital as its foremost market is a
major success story for UK exports to China.
In addition to building on the financial services relationship,
the EFD will also seek to bring down barriers that British
businesses face when looking to export or expand to China,
supporting them to seize growth opportunities and follow in the
footsteps of brands like Brompton, and other cornerstones of
British culture and industry like Jaguar Land Rover, Unilever and
Diageo – three companies whom Reeves will also meet with during
her visit.
Reeves is also to visit Shanghai on Sunday to engage with
representatives across British and Chinese business. Alongside
London, the city is a leading global financial centre which has
long been important for UK-China economic and financial links,
including in financial services with the landmark financial
market connectivity initiative between the London Stock Exchange
and the Shanghai Stock Exchange entering its sixth year.
China is the world's second largest economy and the UK's fourth
largest single trading partner, with a trade relationship worth
almost £113 billion, and with exports to China supporting over
455,000 jobs in the UK in 2020.
Notes to editors
The delegation joining the Chancellor is:
- Andrew Bailey, Governor of the Bank of England
-
, Chief Executive of the
Financial Conduct Authority
- Mark Tucker, Group Chairman of HSBC
- José Viñals, Group Chairman of Standard Chartered
- Richard Oldfield, CEO of Schroders
- Sir Flint, Chairman of Abrdn
-
, Chair of Prudential
- Anne Richards, Chair of TheCityUK and Vice Chair of Fidelity
International
- David Schwimmer, Group CEO of the London Stock Exchange Group
-
, President of the
China-Britain Business Council
