Financial dialogue in London to boost ties

Nations will meet with optimism on Monday after some recent difficulties

A Chinese delegation led by Vice-Premier Hu Chunhua will participate in economic and financial talks with representatives from the United Kingdom's government in London on Monday, the Ministry of Foreign Affairs has confirmed.

At the 10th China-UK Economic and Financial Dialogue, or EFD, the two delegations will discuss the current macroeconomic situation and global economic governance, as well as cooperation on large-scale projects, and trade and investment.

Foreign Ministry spokesman Geng Shuang said both delegations will look to strengthen communication on major international economic and financial issues and "promote the healthy, stable, and sound development of Sino-British economic relations".

Philip Hammond, the UK's chancellor of the exchequer, who will co-host the talks with Hu, said the UK's economic relationship with China is "key to our global future".

Britain is looking to bolster trade ties with major economies as it prepares to leave the European Union.

"This 10th EFD will see the 'golden era' of relations between our two countries further strengthened," Hammond said.

"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 emphasize market access for UK companies and cooperation on shared global challenges, like decarbonization, that benefit all of us."

Previous dialogues have led to the development of London as the leading off shore RMB trading hub, and Chinese participation and investment in the UK's nuclear power sector.

At the ninth EFD, which was held in Beijing in 2017, the nations agreed more than 1 billion pounds ($1.27 billion) of trade and investment deals.

The investment included an agreement between Chinese and British energy companies to collaborate on the construction of a 500-megawatt off shore wind farm in East China's Shandong province, which is expected to generate as much as 220 million pounds for UK companies and universities.

In 2018, China-UK trade in goods exceeded $80 billion for the first time, and Foreign Direct Investment, or FDI, from China to the UK increased by 14 percent year-on-year, according to the Chinese embassy in the UK.

Hammond said regular EFDs are crucial to boost the UK's economic relationship with the world's second-largest economy.