A New Attempt – British Economic Delegation Plans Trip to China

The chairman of HSBC, Mark Tucker, will lead the most significant British business delegation to China since 2018 next month. The British government views the experienced financial expert and former Hong Kong resident as a key figure in reviving economic relations with China. Under Tucker's leadership, the delegation, consisting of senior bankers, aims to intensify trade and investments with a focus on financial services. This occurs despite concerns from some British parliamentarians who view closer ties with Beijing critically due to potential security risks. British Finance Minister Rachel Reeves plans to travel to Beijing early next year to discuss economic and financial cooperation with Vice Premier He Lifeng. The goal of the trip is to revive the UK-China Economic and Financial Dialogue, which last occurred in 2019. Representatives of the British Treasury assure that further details will be announced in due course in the usual manner. The economic talks with China were initially suspended by the UK in 2020 after Beijing enacted a national security law in Hong Kong. This measure, along with other international tensions, led to a deterioration in British-Chinese relations. However, the Labour government of Prime Minister Keir Starmer, in office since July, aims to improve the relationship. Starmer recently also met with China's President Xi Jinping during the G20 summit in Brazil, which is considered the first direct exchange since 2018. Reeves emphasizes her government's pragmatic approach towards Beijing. The goal is to attract investments for the benefit of national interests, regardless of skeptical voices from conservative circles who see China as a security threat. While the UK is opting for closer ties with China, it is expected in the USA that future President Donald Trump may take a tougher stance towards the Asian country.