UK, China agree to resume annual economic dialogue in same week London confirms Winter Olympic boycott

The 11th China-UK Economic and Financial Dialogue will take place next year, with the annual engagement mechanism having not taken place for the last two years

Chinese Vice-Premier Hu Chunhua spoke with British Chancellor of the Exchequer Rishi Sunak on Tuesday

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British Chancellor of the Exchequer Rishi Sunak (left) spoke with Chinese Vice-Premier Hu Chunhua on Tuesday. Photo: AFP

Published: 6:30pm, 10 Dec 2021Updated: 6:36pm, 10 Dec 2021

China and Britain have agreed to resume an annual bilateral economic engagement mechanism that has been suspended for two years despite ongoing political tensions.

Beijing and London agreed to hold the 11th China-UK Economic and Financial Dialogue next year during a call between Chinese Vice-Premier Hu Chunhua and British Chancellor of the Exchequer Rishi Sunak on Tuesday, according to the official Xinhua News Agency.

Details of the call were recirculated by China’s Ministry of Finance on Friday having initially been released via the central government’s website on Tuesday.

[We] expects the two countries will meet each other halfway, strengthen exchanges and cooperation in trade, investment, finance and other areas, and continuously broaden and deepen China-Britain practical cooperation

Hu Chunhua

“[We] expects the two countries will meet each other halfway, strengthen exchanges and cooperation in trade, investment, finance and other areas, and continuously broaden and deepen China-Britain practical cooperation,” Hu, who leads the Chinese delegation to the China-UK Economic and Financial Dialogue, was quoted as saying during the meeting on Tuesday.

Sunak, who leads the British delegation, said that the UK attaches great importance to relations with China and that it stands ready to deepen bilateral economic and financial cooperation, strengthen cooperation in climate change, green finance, economy, trade and investment and push for new progress in bilateral relations.

The previous gathering of the formal trade discussion platform took place in June 2019 in London, but the vice prime minister-level communication mechanism as well as the China-UK Joint Trade and Economic Commission were suspended reportedly by Britain in response to China’s alleged repression of civil rights in Hong Kong.

The news of resumption of the mechanism, which started in 2008, follows a call between Chinese President Xi Jinping and British Prime Minister Boris Johnson at the end of October.