British official visits China for financial talks

THE RELAUNCHED TALKS:
The British Treasurer and the Chinese Deputy Prime Minister will discuss topics including trade, macroeconomic policy, industrial cooperation and financial regulation.

Britain's Chancellor of the Exchequer, Rachel Reeves, said yesterday that London was a natural home for Chinese finance, as she began her visit to Beijing in the shadow of her country's bond market turmoil.

Reeves is the most senior British government official to visit China since then-British Prime Minister Theresa May spoke to Chinese President Xi Jinping () seven years ago.

The trip comes as the yield on British government bonds hit a 17-year high this week, further complicating the ruling party's faltering efforts to revitalize growth.

Photo: AP

This increase makes it more expensive for the government to finance current operations and repay the debt, thus increasing the risk of having to reduce spending or increase taxes.

Speaking at the reopening of long-suspended financial negotiations between the two countries, Reeves said London was a natural location for Chinese financial services companies and their clients to raise capital, as well as a launching pad for businesses Chinese companies seeking to develop a global presence.

In capital markets, we have opportunities to deepen ties between the UK and China, she said during her meeting with her Chinese counterpart, Chinese Vice Premier He Lifeng (), at Beijing's opulent Diaoyutai state guesthouse.

However, as we continue to strengthen our financial relationships, it is crucial that we collaborate even more closely on regulatory cooperation, Reeves said.

In his welcome speech, he said Beijing hopes the forum will help expand the internationalization of the Chinese yuan, deepen ties between the two countries' capital markets and strengthen cooperation in green finance and other areas.

Reeves has faced pressure from the parliamentary opposition to stay home and deal with the financial crisis, but a spokesman for British Prime Minister Keir Starmer said this week that Reeves had no plans to 'cancel his long-awaited trip.

Earlier on Saturday, Reeves acknowledged developments in global financial markets in recent days, but said the fiscal rules she laid out in her October budget were non-negotiable.

Growth is the number one mission of this government, to improve the situation of our country, she said at the showroom of British bicycle manufacturer Bromptons in Beijing. That's why I'm in China, to deliver tangible benefits to British businesses exporting and trading around the world.

Reeves and He yesterday chaired the reopening of delayed UK-China negotiations on financial services.

China's Foreign Ministry said on Friday that the two sides would open discussions on macroeconomic policy and economic globalization, trade and investment, industrial cooperation, financial market development and financial regulatory cooperation.

Strengthening economic and financial cooperation between China and the UK is in line with the interests of the two countries… and will add certainty and inject new impetus into the development of the global economy, the spokesperson said of the Guo Jiakun Ministry ().

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