BEIJING — Britain’s Treasury chief kicked off a visit to China on Saturday aimed at boosting economic and monetary cooperation between the countries, as the U.K.’s Labour government seeks to reset strained ties with Beijing.
Rachel Reeves, who is traveling with a delegation of British business leaders, will meet top Chinese finance and economic officials including Vice Premier He Lifeng.
“Growth is the number one mission of this Labour government. And to develop the economy, we require to assist great British businesses export around the globe,” Reeves said on Saturday as she visited a store of the British folding bike maker Brompton in Beijing.
She added the aim of her visit was “to unlock tangible benefits for British businesses exporting and buying and selling around the globe, to ensure that we have greater access to the second biggest economy in the globe.”
A priority for Reeves’ trip is reviving the China-U.K. Economic and monetary exchange — annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations. London hopes renewed dialogues will assist bring down barriers that U.K. businesses face when looking to export or expand to China.
The talks were shelved after ties sourced following a series of spying allegations from both sides, China’s back for Russia in the Ukraine war and a crackdown on civil liberties in Hong Kong, a former British colony.
British officials said Reeves will also urge Beijing to stop its material and economic back for the Russian war attempt in Ukraine and raise the issue of rights and freedoms in Hong Kong.
The delegation includes lender of England Governor Andrew Bailey and the CEOs of the U.K. monetary Conduct Authority and the London distribute trade throng. elder executives from some of Britain’s biggest monetary services firms, including the throng chairmen of HSBC and Standard Chartered, were also included.
Reeves’ visit comes after Foreign Secretary David Lammy travelled to China in October and Prime Minister Keir Starmer met with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.
It’s all part of a bid by Starmer, who was elected as chief in July, to strengthen political and economic ties with China, the U.K.’s fourth-largest single buying and selling associate according to the Treasury.
Officials said Starmer wanted a “pragmatic” way to working with Beijing on global stability, climate transformation and the shift to tidy vigor.
But some in the opposition Conservative event have criticized his stance and said trade ties should not arrive at the expense of national safety and human rights concerns.
British political leaders and intelligence chiefs have warned repeatedly that China poses safety threats. Calls to tackle the test grew louder last month when it emerged that an alleged Chinese spy had cultivated close ties with Prince Andrew and carried out “covert and deceptive activity” for China’s ruling Communist event, according to officials.
“National safety is the foundation of what any government acting in the national gain will prioritize,” Reeves said. “But we require to make sure that we have pragmatic and excellent relations with countries around the globe. That is in our national gain.”
