UK Finance Secretary to China...Promoting Economic Cooperation Amid Fiscal Pressure

Finance Minister Rachel Reeves has been on a trip to China to strengthen trade and economic ties amid growing anxiety over Britain's finances in financial markets.

Reeves will visit China for three days from today (10th) to meet with Deputy Prime Minister Heipeng, who is considered China's economic heavyweight, in Beijing, and with British companies in Shanghai.

It will be accompanied by central bank Bank of England (BOE) Governor Andrew Bailey, Financial Supervisory Service (FCA) Commissioner Nikhilati and HSBC and Standard Chartered executives.

Britain's finance minister's visit to China comes as the Labor government, which has taken on the urgent task of economic growth due to a sharp drop in approval ratings in its early days, tries to improve relations with China.

Relations between the two countries have been chilled by conflicts over China's Hong Kong national security law and alleged Chinese cyberattacks on British public agencies, with Starmer's government, which launched in July last year, seeking to improve ties starting with substantive cooperation.

In October last year, Foreign Minister David Lammy visited China, and in November, Prime Minister Starmer and President Xi Jinping held a summit in Brazil, where the G20 summit was held.

The British government is also considering resuming its annual economic dialogue with China, which has not been held since the COVID-19 pandemic, the BBC said.