Economic talks to boost UK-China relations
Chancellor announces date of the next UK-China EFD.
The tenth Economic and Financial Dialogue (EFD) between the UK and China will be held on 17 June in London, the Chancellor of the Exchequer, Philip Hammond, announced today.
The UK-China EFD will see the Chancellor host Vice Premier Hu Chunhua and a Chinese delegation in London for a series of events to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment.
Over the last ten years, EFDs have secured billions of pounds worth of commercial deals for UK companies, boosting investment and jobs. They have also established the UK as the leading financial services partner for China with, for example, an agreement to pursue the London-Shanghai Stock Connect, expanding market access for UK financial services firms, and establishing London as a leading global centre for RMB trading. UK financial services exports to China last year were worth £332 million alone.
Chancellor of the Exchequer, Philip Hammond, said:
Our economic and financial relationships with countries like China are key to our global future, and this tenth EFD will see the golden era of relations between our two countries further strengthened.
The size of China’s economy makes it a vitally important trading partner and a significant player in tackling many global challenges. Our EFD with China will emphasise market access for UK companies and cooperation on shared global challenges, like decarbonisation, that benefit all of us.
UK exports to China have tripled since the first EFD in 2008, growing from £7.6 billion to £23.1 billion in 2018. These regular EFDs are crucial to help boost the UK’s economic relationship with a key market, now the world’s second largest economy. The last UK-China EFD took place in December 2017 in Beijing. Other EFDs also take place with Brazil and India.
Latest News from
Independent review backs Chancellor pledge for higher National Living Wage05/11/2019 15:25:00
The government has published the independent Dube Review into minimum wages.
£56 million to boost business productivity05/11/2019 12:45:00
Businesses around the country are set to benefit from government-backed funding schemes to boost productivity.
Net Zero Review launched to support UK's world leading climate commitment04/11/2019 15:20:00
The Chancellor recently (2 November 2019) launched a review that will determine how the UK ends its contribution to global warming.
Infrastructure revolution to unlock thousands of new homes01/11/2019 12:25:00
The Chancellor has announced more than £250m in funding from the Housing Infrastructure Fund to ensure over 20,000 new homes nationwide have access to the vital infrastructure they need.
Changes to The Crown Estate Board31/10/2019 15:20:00
The Crown Estate has announced one new appointment and one re-appointment to their board.
The UK Financial Services Beyond Brexit Summit: Economic Secretary's speech28/10/2019 16:47:00
The Economic Secretary to the Treasury and City Minister, John Glen, delivered a speech to financial sector leaders at the fifth UK Financial Services Beyond Brexit Summit.
£1 billion deal set to solve poor mobile coverage25/10/2019 15:22:00
Poor mobile phone coverage will be a thing of the past as the Government champions a £1 billion deal with the mobile phone industry to banish rural not-spots.
17 banks and lenders confirm support for SME customers through Brexit and beyond24/10/2019 12:12:00
Banks and alternative lenders have reaffirmed their pledge to support small and medium sized businesses (SMEs) with concrete commitments under the new SME Finance Charter.