UK-China Economic and Financial Dialogue: 2025

Monday 13th January 2025 Written Statements

[The Chancellor of the Exchequer (Rachel Reeves)]

I visited China 10-13 January to deliver the 2025 UK-China economic and financial dialogue.

Growing the economy is the No.1 mission of this Government. But that growth must be secure and resilient, built on the stable foundations that we have prioritised as we deliver on our Plan for Change and embark on a decade of national renewal.

National security and growth are not opposed. They are mutually reinforcing. We must and will continue to engage with international partners on trade and investment to grow our economy, while ensuring that our security and values are not compromised.

This means finding the right way to build a stable and balanced relationship with China. One that recognises the importance of co-operation in addressing the global issues we face, competing where our interests differ, and challenging robustly where we must.

It is for this reason that I visited Beijing and Shanghai for an economic and financial dialogue with China. I was accompanied by the Governor of the Bank of England, the chief executive of the Financial Conduct Authority, and representatives from Britain’s financial services firms. This dialogue unlocked market access for UK exporters in financial services and agri-products, providing greater certainty for business and an expected boost to the UK economy of £600 million over five years.

However, this is not a return to the “golden era” of UK-China relations. Throughout the visit, I was clear that while we must co-operate on areas of mutual interest, we will also confidently express our economic and trade concerns to the Chinese, including on market access and wider market distorting practices. A key outcome of this dialogue is that we have secured China’s commitment to improve existing channels so that we can openly discuss sensitive issues and the ways in which they impact our economy. Our engagement also advanced wider UK interests. I raised a range of UK concerns in meetings with Chinese Government counterparts, including Russia’s illegal war in Ukraine, developments in constraints on rights and freedoms in Hong Kong, and human rights. Our approach ensures we can confidently challenge China on areas where we disagree and uphold the UK’s national security—the first duty of our Government.

This visit builds 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.

[HCWS361]