This article was last updated on April 16, 2022
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Chinese Vice-Premier Wang Qishan and Chancellor George Osborne met at a summit in London and took new initiatives to strengthen the economic ties between China and Britain. In the talks it has been agreed that there will be an influx of Chinese infrastructure in the UK and London will continue to play its position as an offshore trading centre.
These economic ties have emerged at a time when London does not support or approve of China’s human rights record. However, Chinese encouragement towards UK banks and financial institutions towards developing the UK and a renminbi market has brought about positive results for both.
In terms of project implementation and growth, there is still a long way to go, as there are many hurdles faced by both the countries involved. However, the Chinese Vice Premier Wang Qishan is reported to have said that “UK and China need to deepen their co-operation in such fields as economy, trade, investment, finance, science, technology and tourism”.
Both the parties have pledged to give full support to the market’s future development and occasionally hold bilateral dialogues and discussions with third parties as well.
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