by Xinhua Writers Zheng Bofei, Larry Neild
LONDON, Jan. 14 (Xinhua) -- The 11th China-UK Economic and Financial Dialogue, co-chaired by Chinese Vice Premier He Lifeng and British Chancellor of the Exchequer Rachel Reeves in Beijing, concluded on Saturday.
During the dialogue, 69 mutually beneficial outcomes were reached, and both sides expressed their shared will of upholding multilateralism and economic globalization and commitment to supporting the rules-based multilateral trading system with the World Trade Organization (WTO) at its core and building an open world economy, according to a Chinese foreign ministry spokesperson on Monday.
Experts in the UK highlighted the importance of fostering open trade between the two countries, particularly amid growing global trade tensions.
The trading relationship has long been a cornerstone of bilateral ties. According to the latest data from the UK Department for Business and Trade, China was the UK's fourth-largest trading partner in goods by the end of the second quarter (Q2) of 2024, accounting for 7.7 percent of the UK's goods trade. In total, trade in goods and services between the two countries reached 87.7 billion pounds (approximately 107 billion U.S. dollars) in the four quarters by the end of Q2 2024.
In a Times article on Saturday, Chancellor Reeves wrote, "We cannot ignore the fact that China is the second-largest economy worldwide and our fourth-largest trading partner, with exports supporting close to half a million jobs in the UK."
According to the British Treasury, exports to China supported over 455,000 UK jobs in 2020. Reeves also highlighted that renewed engagement with China could add up to 1 billion pounds (1.22 billion U.S. dollars) in value to the UK economy.
Commenting on the outcomes of the dialogue, Reeves said, "It shows that pragmatic cooperation between the world's largest economies can help us boost economic growth for the benefit of working people."
She also noted that China's economy is expected to be the largest driver of global growth this decade, presenting significant opportunities for the UK.
Kerry Brown, director of the Lau China Institute at King's College London, emphasized that Britain must maintain a relationship with China given the challenges facing its economy. "Britain would be looking for three things -- investment, finance, and technology," Brown said in an interview with Talk TV's David Bull on Saturday. "The UK government needed to be clear-sighted about what the UK needs."
Professor Patrick Minford of Cardiff Business School also stressed China's importance as a trading partner, noting that pursuing free trade is always a sound policy for the UK government.
Minford added that free trade provides countries with high-quality, competitive goods while ensuring fair and low prices, which is the object of trade.
Professor John Bryson from the University of Birmingham told Xinhua, "One could argue that the UK should be the great trading nation, and even the greatest trading nation." He added that strengthening trade ties between China and the UK would bring numerous benefits.
"Politicians have a role to play here, but the key players are those directly involved in business," Bryson said. ■
