Chinese Vice President Han Zheng on Saturday met with British Chancellor of the Exchequer Rachel Reeves, who is in Beijing for the 11th China-UK Economic and Financial Dialogue (EFD), the Xinhua News Agency reported.
The visit marks the restart of the China-UK EFD, a crucial dialogue mechanism between the two sides, after a nearly six-year hiatus.
During the meeting, Han Zheng, also a Member of the Political Bureau of the CPC Central Committee, said that China and the UK are both major economies and financial heavyweights in the world, pointing out that strengthening economic and financial cooperation in the spirit of strategic partnership is of great significance to promoting economic growth, improving people’s lives and encouraging green development in these two countries, according to Xinhua.
It will also inject confidence and impetus into the development of the world economy, Han added.
“China is willing to continue to expand openness and exchanges with the UK, enhance mutual understanding and trust, and deepen mutually beneficial cooperation to bring more benefits to the two countries and the world,” said Han.
Reeves said the resumption of this dialogue after nearly six years is of great significance. The British side attaches importance to developing relations with China and is willing to strengthen candid dialogue and mutually beneficial cooperation with China to promote the economic development of each country, she added.
Since last year, visits by senior UK officials and the meeting between the leaders of both countries have underscored the UK’s willingness to strengthening bilateral ties, Li Guanjie, a research fellow with the Shanghai Academy of Global Governance and Area Studies under the Shanghai International Studies University, told the Global Times on Saturday.
Li noted that the visit by the UK Chancellor focused on bolstering collaboration in finance, trade, and other pivotal sectors of the bilateral relationship, adding that by reinstating dialogues, the Labour government hopes to reverse the decline in economic and trade relations with China and enhance the UK’s economic standing amid challenging growth prospects. Li also noted that despite positive signals, China-UK economic and trade relations continue to face hurdles, including concerns over investment security, geopolitical strains, and external influences from third-party nations like the US.
The 11th China-UK Economic and Financial Dialogue took place in Beijing on Saturday. It is co-chaired by Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council He Lifeng and Reeves as the lead persons of the Dialogue.
He stated that China is willing to work with the UK to implement the important consensus reached by the leaders of both countries, uphold the strategic partnership, strengthen communication and dialogue, and further expand economic and financial cooperation, providing more momentum for the development of a stable and mutually beneficial China-UK relationship. Reeves expressed that the UK is willing to enhance practical cooperation with China in the economic and financial fields and develop a coherent, lasting, and mutually respectful UK-China relationship.
Established in 2008, this high-level dialogue mechanism has served as an important platform for dialogue and cooperation on strategic, overarching and long-term issues in the economic and financial fields.
In a statement to the Global Times, the UK Chamber of Commerce in China said that it warmly welcomed the Chancellor’s visit to China and the revival of the Economic and Financial Dialogue.
The chamber highlighted that the resumption of this dialogue marks a significant step forward in rejuvenating economic ties and strengthening bilateral relations and it is hoped that this renewed engagement will foster constructive discussions in critical sectors, paving the way for fresh opportunities in trade, investment, and cooperation.
Earlier Saturday, the chancellor visited the Beijing store of UK bicycle maker Brompton and said that she was in China “to unlock tangible benefits for British businesses exporting and trading around the world to ensure that we have greater access to the second-largest economy in the world”, Reuters reported.
Reeves’ visit is being accompanied by a delegation of senior executives from the City of London, according to The Guardian. The Guardian described this trip as the UK government’s efforts to “closer economic links with Beijing as part of its quest for growth.”
GT
