UK Treasury Chief Rachel Reeves to Visit China in Bid to Revive Economic Ties Strained Relations

Britain’s Treasury Chief, Rachel Reeves, will travel to China this weekend to discuss strengthening economic and financial cooperation between the two nations. The visit aims to restart the China-U.K. Economic and Financial Dialogue, which has been on hiatus since 2019 due to the COVID-19 pandemic and deteriorating diplomatic relations.

Reeves will meet with Vice Premier He Lifeng in Beijing and Shanghai, as part of the U.K.’s broader strategy to reset ties with China under the Labour government. This effort follows several high-level visits, including Foreign Secretary David Lammy’s trip to China in October and Prime Minister Keir Starmer’s meeting with Chinese President Xi Jinping in November.

While some members of the opposition Conservative Party have criticized the Labour Party’s approach, citing national security and human rights concerns, Starmer has emphasized a “pragmatic” approach to engage with China on global challenges, including climate change and clean energy.

Reeves’ delegation will also include key financial figures, such as Bank of England Governor Andrew Bailey and representatives from major British financial institutions like HSBC and Standard Chartered.

Despite growing tensions over security and espionage allegations, officials maintain that there are areas for beneficial trade cooperation that do not compromise national security. Lammy reiterated this stance, highlighting areas like health and climate challenges where collaboration with China is crucial.