UK’s Reeves says ‘hard-headed’ realist approach needed to boost China trade

WASHINGTON - Britain needs to take a "hard-headed, economic realist" approach to relations with China in order to do a better job of boosting trade while minimising risks to national security, British Finance Minister Rachel Reeves said on Oct 25.

Ms Reeves, speaking to Reuters at the International Monetary Fund and World Bank annual meetings in Washington, said the US had been able to boost exports to China while taking a tough line on Beijing's economic and trade practices.

"They take... a hard-headed, economic realist position that there are opportunities as well for US firms and working people in the US to be able to export all around the world. And I want that for British businesses too," Ms Reeves said.

Britain’s Finance Ministry is working on reviving high-level meetings with China that last took place in 2019, with Ms Reeves considering travelling to Beijing in early 2025.

British Foreign Secretary David Lammy

visited China last week on a two-day trip

during which he said the government would prioritise national security, but that 95 per cent of business was not in an area where that was a major concern.

Ms Reeves said Chinese inward investment to Britain needed to be looked at on a case-by-case basis.

“In projects like nuclear energy, if we develop another nuclear power plant, that will not be with Chinese money,” she said.

“However, there are other parts of the economy where we do welcome Chinese investment, and it can help bring additional investment and jobs to the UK.” REUTERS