China Economic Talks: UK Treasury chief heading to China to revive suspended economic and financial talks

File photo: Britain's chancellor of the exchequer Rachel Reeves (Picture credit: AP)LONDON: Britain's treasury chief is travelling to China this weekend to discuss economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing.The Treasury said Friday that Rachel Reeves will travel to Beijing and Shanghai and will meet with her Chinese government counterpart, Vice Premier He Lifeng.Reeves' trip is expected to revive the China-UK Economic and Financial Dialogue, annual bilateral talks that have been suspended since 2019 due to the Covid-19 pandemic and deteriorating relations in recent years.A series of spying allegations from both sides, China's support for Russia in the Ukraine war and a crackdown on civil liberties in Hong Kong, a former British colony, have soured ties.Bank of England Governor Andrew Bailey and the UK Financial Conduct Authority's chief executive, Nikhil Rathi, are also in the delegation, according to the Treasury. Representatives from some of Britain's biggest financial services firms will join the trip.Officials did not provide details, but media reports have said senior executives from HSBC Holdings and Standard Chartered were included.Reeves' visit comes after foreign secretary David Lammy travelled to China in October and Prime Minister Keir Starmer met with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.The meetings form part of a bid by Starmer, who was elected as leader in July, to strengthen political and economic ties with China, the UK's fifth-largest trading partner.Officials said Starmer wanted a "pragmatic" approach to working with Beijing on global stability, climate change and the transition to clean energy.But some in the opposition Conservative Party have criticised his stance and said trade ties should not come at the expense of national security and human rights concerns.British political leaders and intelligence chiefs have warned repeatedly of the security threats that China poses. Calls to tackle the challenge grew louder last month when it emerged that an alleged Chinese spy had cultivated close ties with Prince Andrew and carried out "covert and deceptive activity" for China's ruling Communist Party, according to officials.Nevertheless, Lammy told reporters in London on Thursday that "there are many areas of trade that don't impact on national security. "He said Reeves "will repeat many of the messages that I took to China. ""What we've said is in this complex relationship with a global superpower, we are guided by three Cs": challenge, compete and cooperate, for example in areas including health and climate challenges, Lammy added.

Source:The Times

January 10, 2025 10:12 UTC


UK government introduces new sanctions to combat migrant smuggling networks

The UK government has announced a new sanctions regime aimed at disrupting networks responsible for smuggling tens of thousands of migrants into Britain each year. Lammy previously stated that Britain would be pursuing the manufacturers of the boats that were used by the migrant smugglers.Speaking to Times Radio, he pointed out that many of the boats and their engines are manufactured in China.When asked by the BBC if the UK would sanction these Chinese businesses, he further confirmed: “Absolutely, because when you look at those boats, where do the engines come from? Where does the rubber come from?”Lammy also highlighted that the UK would be “the first country in the world to develop legislation for a new sanctions regime specifically targeting irregular migration and organised immigration crime.”The proposed sanctions, expected to take effect by the end of the year, will include banning individuals linked to people-smuggling from entering the UK, freezing their assets, and penalising those conducting business with them. However, questions remain over the policy’s effectiveness, as many smugglers operate outside British jurisdiction, limiting the reach of asset freezes.This year, over 36,800 people crossed the Channel to reach Britain, marking a quarter uptick against 2023. Government figures also show that dozens have died attempting the dangerous journey.Labour leader Keir Starmer is set to discuss migration and other issues with French President Emmanuel Macron at a summit near London on Thursday, underscoring the international dimension of the crisis.

Source:The Times

January 09, 2025 16:45 UTC


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