UK, China agree to expand trade, investment over fears of US protectionism

UK, China agree to expand trade, investment over fears of US protectionism

Jan. 12, 2025, 8:20 a.m.

Britain and China have agreed to expand bilateral trade and investment. The two countries share concerns about Donald Trump's plans to impose protectionist policies when he returns to the presidency later this month.

British Chancellor of the Exchequer Rachel Reeves and Chinese Vice Premier He Lifeng met in Beijing on Saturday.

Reeves traveled to China with a delegation that included top finance officials for the first high-level economic and financial talks between Britain and China in about six years.

The British government said that both sides agreed to deeper cooperation across areas including financial services, trade and investment. Reeves said the agreements show that "pragmatic cooperation between the world's largest economies can help us boost economic growth for the benefit of working people."

China's He said the two countries can work together in a wide range of fields, such as clean energy and artificial intelligence, and called for stronger strategic cooperation.

Relations between the two countries have been sour over issues such as the human rights situation in the Xinjiang Uygur Autonomous Region and freedom of speech in Hong Kong.

But British Prime Minister Keir Starmer said he would pursue pragmatic relations with China as he prioritizes economic growth.

China is looking to improve ties with major European countries to bolster its slowing economy.

US President-elect Trump has said he would increase tariffs on Britain and China. The United States is an important trade partner for the both countries.

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