CBBC has collated read-outs and reports from the Chancellor’s meetings to help provide you with a flavour of the weekend’s events.

Friday, 10 January: Beijing

Meeting with China’s Minister for Finance, Lan Fo’an

Reeves met with China’s Minister for Finance, Lan Fo’an, in Beijing on Friday, 10 January, together with Vice Minister Liao Min and HM Ambassador Dame Caroline Wilson. The MoF reports on the meeting that both sides had an in-depth exchange of views on the economic situation and fiscal policies of China and the UK, as well as the financial cooperation between China and the UK under multilateral frameworks such as the G20.

MoF readout (Chinese): 蓝佛安会见英国财政大臣蕾切尔·里夫斯

Saturday, 11 January: Beijing 

Visit to Brompton & Bank of China Headquarters

Morning site visit to Beijing flagship store of British bicycle brand Brompton followed by a meeting with Bank of China HQ to meet with CCPIT Chair Ren Hongbin and a group of Chinese investors.

Meeting with Vice President Han Zheng

Reeves met with Vice President Han Zheng at The Great Hall of the People, where she was also joined by the group of leaders from British finance (including CBBC President, Lord Sassoon) who accompanied her to China together with Andrew Bailey (Governor, Bank of England) and Nikhil Rathi (Chief Executive, FCA).

Han Zheng said that China attaches great importance to the development of China-UK relations, and the resumption of the China-UK Economic and Financial Dialogue between the two sides is a concrete action to implement the important consensus reached at the meeting between President Xi Jinping and Prime Minister Kier Starmer.

Xinhua readout (Chinese): 韩正会见英国财政大臣里夫斯

Xinhua readout (English): Chinese VP meets with UK chancellor of exchequer-Xinhua

Fourth UK-China Financial Services Summit

The Chancellor attended the opening of the Fourth UK-China Financial Services Summit at Diaoyutai organised by China Construction Bank and HSBC, where she met Vice Premier He Lifeng and delivered opening remarks for the event before departing to commence the EFD.

China Daily readout (English): Dialogue has put China-UK relations on firmer ground – World – Chinadaily.com.cn

*a summary of the EFD including a breakdown of the key outcomes

Sunday, 12 January: Shanghai

Meeting with British Consumer Business and Visits to Shanghai Clearing House and Stock Exchange

Reeves made a morning visit to the office of a British consumer business and took the opportunity to take in the Pudong skyline at the Shanghai Clearing House, before stopping by the Shanghai Stock Exchange.

Meeting with Shanghai Mayor Gong Zheng

Accompanied by a UK business delegation, the Chancellor met with Shanghai Mayor Gong Zheng to discuss enhancing financial market connectivity and deepening UK-Shanghai ties. MoF Vice Minister Liao Min also attended the meeting.

Shanghai Municipal Government Report (Chinese): 深化金融市场互联互通 龚正会见英国财政大臣里夫斯一行

Shanghai Municipal Government Report(English):  Shanghai looks to enhance collaboration with UK

Closed-door roundtable

The Chancellor met with country head-level representatives from leading British MNCs at the Intercontinental Ruijin. The group included representatives from finance, automotive, energy, consumer, manufacturing, healthcare, and hospitality. CBBC played a central role organising this event.

UK-China Business Reception

The Chancellor delivered remarks to British business leaders at a reception organised by CBBC and the British Chamber of Commerce Shanghai with around 100 participants. During the Chancellor’s opening remarks, she highlighted the following points:

• The importance of engagement for the UK-China relationship.
• The Government’s commitment to free and open trade with China and globally.
• China’s role in the UK’s growth mission whether through market access, establishing new ventures, developing new markets, or outbound investment from China.
• Ensuring long-term sustained engagement with China.

The Chancellor then met with British business representatives present at the reception covering a wide range of sectors including finance, automotive, consumer goods, standards, qualifications, education, and more.

The post Recap of Chancellor Rachel Reeves’ visit to China appeared first on Focus - China Britain Business Council.

Reeves’ visit follows the dialogue opened last year between Prime Minister Keir Starmer and President Xi Jinping at the G20 Summit in November 2024, the first between the two countries’ leaders in six years. At that meeting, Starmer emphasised the importance of a “strong UK-China relationship” for the benefit of both nations, underscoring the need for China and the UK to foster economic cooperation.

Joining the Chancellor on her visit – the first by a UK Chancellor in nearly a decade – to China were the Governor of the Bank of England, Andrew Bailey, and the Chief Executive of the Financial Conduct Authority, Nikhil Rathi. A senior business delegation also joined the Chancellor, including CBBC President, Lord Sassoon, as well as senior representatives from abrdn, Fidelity, HSBC, London Stock Exchange Group, Prudential, Schroders, and Standard Chartered.

The central focus of the Chancellor’s visit was the 11th UK-China Economic & Financial Dialogue (EFD), the first since 2019. Co-chaired by Chinese Vice Premier He Lifeng and the Chancellor, the EFD is a key mechanism for government-to-government bilateral exchange and communication and is expected to result in significant outcomes for British business.

Following the EFD on Saturday, 11 January 2025, a series of substantial outcomes were announced, covering a wide range of sectors and initiatives. We summarise below some of the key messages:

• Pragmatic cooperation with China will result in agreements worth £600 million to the UK economy over the next five years and sets a course to deliver up to £1 billion of value for the UK economy.
  
• New licences and quota allocations for UK financial firms such as HSBC, Schroders, abrdn and Aspect Capital have been granted, as well as initiatives to improve capital market connectivity, pensions (including the establishment of a UK-China Pensions Symposium on a regular basis), insurance and sustainable finance cooperation.
  
• A range of initiatives have been announced to cover better capital markets connectivity (including bond issues in the UK market), greater offshore RMB trading and hedging.
  
• In services, there are a range of commitments to address market access in China for law firms, engineers, and accountancy qualifications.
   
• There are also a number of commitments to improve people to people exchanges, including a new UK-China Chevening Financial Fellowship programme.
  
• The Ministry of Commerce (MOFCOM) and the Department for Business and Trade (DBT) agreed to convene the 14th UK-China Joint Economic and Trade Commission.

CBBC will ensure that it is central to these activities, offering its members the opportunity to be part of these vital exchanges.

“The agreements we’ve reached show that pragmatic cooperation between the world’s largest economies can help us boost economic growth for the benefit of working people – a priority of our Plan for Change,” the Chancellor said. “More widely, today is a platform for respectful and consistent future relations with China. One where we can be frank and open on areas where we disagree, protecting our values and security interests, and finding opportunities for safe trade and investment.”

CBBC President, Lord Sassoon, said: “UK-China Economic and Financial Dialogues have had a significant impact on generating investment, jobs and profitable business for the UK over many years. The resumption of the EFD is welcomed by our members, both in financial and professional services, but also across the wider economy.”

CBBC played a central role in the visit, including organising a roundtable for the Chancellor to meet with leading British companies in China and co-hosting a reception, bringing together UK and Chinese business representatives.

The government is explicit in its desire to build a platform for a long-term relationship with China that works squarely in our national interest – ensuring our economy has the broad base and resilient foundations for the growth that makes working people in every corner of Britain better off.

Commenting on Reeves’ visit to China, CBBC Chief Executive Peter Burnett said, “CBBC is delighted to see the 11th EFD underway after a break of some six years. Economic and business growth is a central mission for both the United Kingdom and China. We are confident that this dialogue will herald the start of a more stable and practical relationship between both countries and will build confidence for exports, investment, financial engagement and growth.”

The post What does Chancellor Rachel Reeves’ China visit mean for the UK economy? appeared first on Focus - China Britain Business Council.