Li: China-UK relationship will not change despite Brexit

World
Europe

The relationship between China and the UK will not change in spite of the new Brexit situation, and the two countries are committed to upholding free trade, Chinese Premier Li Keqiang said in a joint briefing with visiting British Prime Minister Theresa May in Beijing.

“China-UK relations are going forward and will continue to do so for a very long time. Our relationship will not change with the progression of EU-UK relations. We will have discussions on investment and trade, to ensure our trade relations improve,” said Premier Li.

May, having arrived in China for a three-day visit, noted China and the UK have complementary economic strengths. She said the UK is committed to deepening ties with China in light of Brexit, and will explore all options for a future trade relationship.

“The United Kingdom [is] leaving the European Union… As we do so, we become ever more outward looking. As China continues to reform and open up, we are committed to strengthening our strong and vital partnership,” said May.

Trade and investment

“Trade between our two countries has already reached a record level… The UK is already one of the largest European recipients of Chinese foreign direct investment,” May pointed out.

Last year, China and the UK's economic and trade cooperation reached a new high. Statistics show that the bilateral trade volume reached more than 79 billion US dollars, with an increase of 6.2 percent year-on-year.

China's exports to the UK hit about 57 billion US dollars, increasing by 1.8 percent. China's imports from the UK reached around 22.3 billion US dollars, increasing by 19.4 percent.

The UK's investments in China amounted to 1.5 billion US dollars while China's non-financial investments in the UK reached 1.53 billion US dollars.

Regarding cooperation in finance, London is the world’s leading hub for offshore renminbi. The capital also ranks first for offshore renminbi foreign exchange transactions, as over one third of the transactions are carried out there.

Meanwhile, 2017 also witnessed bilateral cooperation along the “Belt and Road” route. For example, the first freight train from China to the UK rolled into London 18 days after it left the Chinese port city of Yiwu.

Clean energy is another focus for cooperation between the two sides. The Hinkley Point C nuclear power plant is a flagship project of such cooperation, and it is also the UK’s first nuclear power plant in two decades.

“The two-way opening up between China and the UK will go even further, and China will open even wider to the UK. In line with our agreement, China will expand openness to the UK products, including agricultural products,” said Li.

‘Golden Era’ partnership

British Prime Minister Theresa May speaks during a joint press conference with Chinese Premier Li Keqiang at the Great Hall of the People in Beijing, China, Jan. 31, 2018. /Reuters Photo

Before the press conference, Li and May held the annual meeting between Chinese premier and British prime minister at the Great Hall of the People. Both sides agreed to intensify the “Golden Era” of China-UK ties.

Li said China and the UK will enhance cooperation in areas such as “Belt and Road”, nuclear power, high-speed railway, finance, high-tech trade, and third-party markets. China is ready to examine in due time the preparations for starting the Shanghai-London Stock Connect program.

The Shanghai-London Stock Connect will allow investors on one stock exchange to invest in the other, and is modeled after a similar scheme that links Shanghai and Hong Kong. It started two years ago, and is in final preparations.

May said the UK will promote cooperation with China in the Belt and Road Initiative and explore cooperation in such fields as innovation, finance, intellectual property protection and artificial intelligence.

After the meeting, Li and May witnessed the signing of a number of bilateral cooperation documents in the fields of economy and trade, finance, aviation, customs, health, inspection and quarantine, as well as smart cities.

May is accompanied with a delegation of 50 business representatives, which was “the largest” that she has ever taken on an official visit overseas, according to her office.

It is also May’s first official visit to China since she took office, and the first by a British prime minister in four years. May is to meet Chinese President Xi Jinping on Thursday before wrapping up her trip in the eastern business hub of Shanghai on Friday.

(Infographics made by CGTN's Cao Qingqing)