On 11 January, UK Chancellor of the Exchequer Rachel Reeves visited China and met with Chinese Vice President Han Zheng. On the same day, the Chancellor and Chinese Vice Premier He Lifeng concluded the 2025 UK-China Economic and Financial Dialogue (EFD) in Beijing. The dialogue reaffirmed both countries’ commitment to pragmatic economic and financial cooperation, emphasising the importance of ensuring trade is open, fair, and creates opportunities for safe and secure growth.
The Chancellor said: “The agreements we’ve reached show that pragmatic cooperation between the world’s largest economies can help us boost economic growth for the benefit of working people – a priority of our Plan for Change. More widely, today, it is a platform for respectful and consistent future relations with China. One where we can be frank and open on areas where we disagree, protecting our values and security interests, and finding opportunities for safe trade and investment.”
Following the EFD, the Chancellor travelled to Shanghai on Sunday. Shanghai serves a pivotal role in UK-China collaboration, with over two-thirds of British companies choosing Shanghai as their China headquarters.
In Shanghai, the Chancellor participated in a roundtable discussion and a reception event, both supported by BritCham Shanghai. Kirsten Johnston, Chair of BritCham Shanghai, and Stuart Dunn, Executive Director of BritCham Shanghai, joined member representatives in welcoming the Chancellor and engaging in discussions about UK-China business opportunities.
Speaking at the roundtable, Kirsten Johnston remarked:
“On behalf of our members, I’d like to congratulate the Chancellor for taking the initiative to re-engage in two-way dialogue with China. This is a critical step towards restoring confidence and presents a welcome opportunity to build the future roadmap of engagement for the next generation of British leaders.
Foreign-invested enterprises make up a quarter of Shanghai’s GDP. We believe the UK, which is among its top five foreign contributors, has further opportunities for growth both in Shanghai and in neighbouring provinces, including Zhejiang. We also recognise the importance of small and medium-sized enterprises (SMEs), which have not only adapted quickly to changing market conditions but are also delivering value back to the UK.”
Kirsten also emphasised:
“Whilst there is massive growth potential for the UK in this market, in our experience, success can only be realised through face-to-face engagement, mutual respect, and cultural understanding. May we ask that the UK government proactively commit to schemes such as the Youth Internship Exchange programme, in order to champion educational and cultural exchange that is so desperately needed to support our mission for growth.“
During her China visit, the Chancellor also met with Shanghai Mayor Gong Zheng. Their discussions resulted in agreements to enhance cooperation in capital markets connectivity, support the development of British financial institutions in China, and deepen green finance collaboration. These agreements aim to strengthen financial sector integration and promote sustainable growth for both nations.
BritCham Shanghai was proud to support this important visit at the beginning of 2025 – a year the Chamber celebrates its 110th anniversary. BritCham Shanghai remains committed to championing British businesses, fostering bilateral collaboration, and driving sustainable growth across East China and beyond.
