Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled 2025 UK-China Economic and Financial Dialogue: fact sheet, published on 11 January 2025, what steps the Government plans to take to help implement new (a) commercial licences and (b) quota allocations for UK firms in China.

As the Chancellor’s Statement to the House on 14th January set out, the dialogue has delivered a set of tangible benefits to ensure that British firms have greater access to the world’s second largest economy, while safeguarding our national security and securing commitments to enhance financial regulatory and supervisory cooperation.

The total value of what was agreed is worth £600 million over the next five years for the UK economy and sets us on course to deliver up to £1 billion of value for the UK economy.

In particular, the agreement secured: new licences and quota allocations for UK asset managers, which will immediately improve their operating access and competitiveness in China; the launch a feasibility study into a UK-China Wealth Connect; the launch of UK-China over-the-counter bond business, which allows international investors to trade and settle RMB bonds more easily through the UK; and a commitment for the issuance of Sovereign and Corporate green bonds in the UK solidifying the City’s role as a Global Financial Centre and benefitting UK firms through increased fees for delivering this business.