UK finance minister hails China trip a success

Philip Hammond, Britain's finance minister, has described his weekend visit to China, in which he announced 1.4 billion pounds ($1.88 billion) worth of deals, as a success.

During the 9th UK-China Economic and Financial Dialogue in Beijing, both nations vowed to continue their cooperation and strengthen it in a wide range of economic, investment, and trade areas.

Britain and China also agreed to speed up the final preparations for the London-Shanghai Stock Connect program. The long-awaited scheme will mean investors in each country will be able to trade shares listed on each other's stock exchange. The scheme has been delayed by the United Kingdom's decision to leave the European Union.

Other deals include a linkup between the UK's Offshore Renewable Energy Catapult and China's TusWind and TusPark Newcastle to further develop offshore wind technology between the two countries, something that could benefit Britain to the tune of 220 million pounds ($295 million).

The appointment of Britain's former prime minister, David Cameron, as a leader of a new 750-million-pound bilateral investment fund that will focus on Belt and Road projects was another outcome.

Hammond said the talks show the UK is open for business and noted that he looks forward to continuing the "golden era" of China-UK relations.

"These successful talks are an example of Global Britain at its best, demonstrating that we can work with our friends and partners across the world to support jobs, businesses and prosperity," he said. "This is testament to our strong and dynamic economy, and the world-class talent and expertise we have to offer."

Other areas of cooperation include agreements around the role of London as a global financial center capable of helping Belt and Road projects.

The government noted that China and Britain will identify specific projects to act as pathfinders for collaboration. And they will conduct research into mechanisms to support private-sector financing of Belt and Road infrastructure development.

Mark Garnier, investment minister, said the Belt and Road Initiative will increase opportunities for global trade.

"It's only right we support British businesses in making the most of this," he said. "We're putting export finance at the heart of trade promotion by making up to 25 billion pounds available for projects in these markets."

China and the UK also promised to cooperate further on clean energy.

Andrew Jones, exchequer secretary to the Treasury, said Britain is an innovative hub with skills and services that are in high demand around the world. He said the nation is a leader in electric vehicle technology.

"China will enable us to export this expertise globally," Jones said. "Deepening our trade and investment links will help create a UK economy fit for the future by generating new jobs and modern skills across the country."