Britain’s Finance Minister Rachel Reeves will travel to China in January to restore high-level economic discussions that have been on hold since 2019. Scheduled for January 11 in Beijing, Reeves is set to meet Vice Premier He Lifeng to restart the Economic and Financial Dialogue (EFD), according to sources familiar with the plan.
If successful, the talks could lead to the revival of the Joint Economic and Trade Commission (JETCO) later in 2024. China is the UK’s fifth-largest trading partner. Reeves will also visit Shanghai on January 12 to engage with British businesses operating in China.
The UK Treasury has not confirmed specific details, and China’s finance ministry has yet to comment. British businesses have expressed interest in resuming the UK-China CEO Council, established in 2018, to bolster trade and investment ties.
This move follows Britain’s suspension of most economic dialogues with China in 2020, citing Beijing’s national security law in Hong Kong and rising geopolitical tensions. The Labour government, in power since July, seeks to improve UK-China relations after years of strained ties under Conservative leadership.
Historically, such talks yielded initiatives like the London-Shanghai stock connect and joint investments in green technologies. In the past year, China imported £32 billion worth of British goods, while Chinese foreign direct investment stocks in the UK totaled £4.3 billion.
Reeves’ visit underscores efforts to strengthen economic collaboration amid broader foreign policy challenges.
