Britain’s Treasury chief is traveling to China this weekend to discuss economic and financial cooperation between the countries, as Britain’s Labor government seeks to reset strained relations with Beijing.
The Treasury said on Friday that Rachael Reeves will travel to Beijing and Shanghai and meet with her Chinese government counterpart, Vice Prime Minister He Lifeng.
Reeves’ visit is expected to revive the China-UK Economic and Financial Dialogue – an annual bilateral dialogue that has been suspended since 2019 due to the COVID-19 pandemic and worsening relations in recent years.
A series of spying allegations from both sides, China’s support for Russia in the Ukraine war and a crackdown on civil liberties in the former British colony of Hong Kong have soured relations.
According to the Treasury, the delegation also includes Bank of England Governor Andrew Bailey and UK Financial Conduct Authority Chief Executive Nikhil Rathi. Representatives from some of Britain’s largest financial services companies will join the visit.
Officials did not provide details, but media reports said senior executives from HSBC Holdings and Standard Chartered were involved.
Reeves’ visit follows Foreign Secretary David Lammy’s visit to China in October and Prime Minister Keir Starmer’s meeting with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.
The meetings are part of a bid by Starmer, elected as leader in July, to strengthen political and economic ties with China, Britain’s fifth-largest trading partner.
Officials said Starmer wanted a “pragmatic” approach to working with Beijing on global stability, climate change and the transition to clean energy.
But some in the opposition Conservative Party have criticized his stance, saying trade relations should not come at the expense of national security and human rights concerns.
British political leaders and intelligence chiefs have repeatedly warned about the security threats posed by China. Calls to tackle the challenge intensified last month after it emerged that an alleged Chinese spy had formed close ties to Prince Andrew and carried out “clandestine and disinformation activity” for China’s ruling Communist Party, according to officials. Had given.
Still, Lammy told reporters in London on Thursday that “there are many areas of trade that do not impact on national security.”
He said Reeves would “reiterate many of the messages I took to China.”
Lamy said, “What we have said is in this complex relationship with a global superpower, we are guided by the three Cs”: challenge, competition and cooperation, for example in areas including health and climate challenges.