The Chancellor of the Exchequer, Rachel Reeves, visited China between 10-13 January 2025 to co-host the UK-China Economic & Financial Dialogue (EFD) with Chinese Vice Premier He Lifeng. There was a busy programme of additional events and meetings in Beijing and Shanghai built around the EFD.
CBBC has collated read-outs and reports from the Chancellor’s meetings to help provide you with a flavour of the weekend’s events.
Friday, 10 January: Beijing
Meeting with China’s Minister for Finance, Lan Fo’an
Reeves met with China’s Minister for Finance, Lan Fo’an, in Beijing on Friday, 10 January, together with Vice Minister Liao Min and HM Ambassador Dame Caroline Wilson. The MoF reports on the meeting that both sides had an in-depth exchange of views on the economic situation and fiscal policies of China and the UK, as well as the financial cooperation between China and the UK under multilateral frameworks such as the G20.
MoF readout (Chinese): 蓝佛安会见英国财政大臣蕾切尔·里夫斯
Saturday, 11 January: Beijing
Visit to Brompton & Bank of China Headquarters
Morning site visit to Beijing flagship store of British bicycle brand Brompton followed by a meeting with Bank of China HQ to meet with CCPIT Chair Ren Hongbin and a group of Chinese investors.
Meeting with Vice President Han Zheng
Reeves met with Vice President Han Zheng at The Great Hall of the People, where she was also joined by the group of leaders from British finance (including CBBC President, Lord Sassoon) who accompanied her to China together with Andrew Bailey (Governor, Bank of England) and Nikhil Rathi (Chief Executive, FCA).
Han Zheng said that China attaches great importance to the development of China-UK relations, and the resumption of the China-UK Economic and Financial Dialogue between the two sides is a concrete action to implement the important consensus reached at the meeting between President Xi Jinping and Prime Minister Kier Starmer.
Xinhua readout (Chinese): 韩正会见英国财政大臣里夫斯
Xinhua readout (English): Chinese VP meets with UK chancellor of exchequer-Xinhua
Fourth UK-China Financial Services Summit
The Chancellor attended the opening of the Fourth UK-China Financial Services Summit at Diaoyutai organised by China Construction Bank and HSBC, where she met Vice Premier He Lifeng and delivered opening remarks for the event before departing to commence the EFD.
China Daily readout (English): Dialogue has put China-UK relations on firmer ground – World – Chinadaily.com.cn
*a summary of the EFD including a breakdown of the key outcomes
Sunday, 12 January: Shanghai
Meeting with British Consumer Business and Visits to Shanghai Clearing House and Stock Exchange
Reeves made a morning visit to the office of a British consumer business and took the opportunity to take in the Pudong skyline at the Shanghai Clearing House, before stopping by the Shanghai Stock Exchange.
Meeting with Shanghai Mayor Gong Zheng
Accompanied by a UK business delegation, the Chancellor met with Shanghai Mayor Gong Zheng to discuss enhancing financial market connectivity and deepening UK-Shanghai ties. MoF Vice Minister Liao Min also attended the meeting.
Shanghai Municipal Government Report (Chinese): 深化金融市场互联互通 龚正会见英国财政大臣里夫斯一行
Shanghai Municipal Government Report(English): Shanghai looks to enhance collaboration with UK
Closed-door roundtable
The Chancellor met with country head-level representatives from leading British MNCs at the Intercontinental Ruijin. The group included representatives from finance, automotive, energy, consumer, manufacturing, healthcare, and hospitality. CBBC played a central role organising this event.
UK-China Business Reception
The Chancellor delivered remarks to British business leaders at a reception organised by CBBC and the British Chamber of Commerce Shanghai with around 100 participants. During the Chancellor’s opening remarks, she highlighted the following points:
- The importance of engagement for the UK-China relationship.
- The Government’s commitment to free and open trade with China and globally.
- China’s role in the UK’s growth mission whether through market access, establishing new ventures, developing new markets, or outbound investment from China.
- Ensuring long-term sustained engagement with China.
The Chancellor then met with British business representatives present at the reception covering a wide range of sectors including finance, automotive, consumer goods, standards, qualifications, education, and more.