The 2025 Economic and Financial Dialogue (EFD) took place in Beijing on Saturday, 11^th January. The outcomes announced are substantial and cover a wide range of sectors and initiatives. We summarise below some of the key messages:

·  pragmatic cooperation with China will result in agreements worth £600 million to the UK economy over the next five years, and sets a course to deliver up to £1 billion of value for the UK economy;

·  granting of new licences and quota allocations for UK financial firms such as HSBC, Schroders, abrdn and Aspect Capital, as well as initiatives to improve capital market connectivity, pensions (including the establishment of a UK-China Pensions Symposium on a regular basis), insurance and sustainable finance cooperation;

·  a range of initiatives have been announced to cover better capital markets connectivity (including bond issues in the UK market), greater offshore RMB trading and hedging;

·  while much of the EFD focuses on financial services, it also looks at other sectors, with new agreements on vaccine approvals, fertilisers, whisky labelling, automotives, telecommunications, education, and culture;

·  in services there are a range of commitments to address market access in China for law firms, engineers, and accountancy qualifications;
 

·  re-establishing other dialogues, including on trade, science and technology, intellectual property, customs, sports and creative industries;

·  there are a number of commitments to improve People to People exchanges, including a new UK-China Chevening Financial Fellowship programme.

·  the Ministry of Commerce (MOFCOM) and the Department for Business and Trade (DBT) have agreed to  convene the 14th UK-China Joint Economic and Trade Commission;

CBBC will ensure that it is central to these activities, offering our members the opportunity to be part of these vital exchanges.

The Chancellor said: “The agreements we’ve reached show that pragmatic cooperation between the world’s largest economies can help us boost economic growth for the benefit of working people – a priority of our Plan for Change.

More widely, today is a platform for respectful and consistent future relations with China. One where we can be frank and open on areas where we disagree, protecting our values and security interests, and finding opportunities for safe trade and investment.”

CBBC President, Lord Sassoon, who is accompanying the Chancellor, said: “UK-China Economic and Financial Dialogues have had a significant impact on generating investment, jobs and profitable business for the UK over many years. The resumption of the EFD is welcomed by our members, both in financial and professional services, but also across the wider economy.

CBBC looks forward to hosting a roundtable in Shanghai on Sunday at which British businesses will share with the Chancellor the significant opportunities for British business exports and investment in China and what further market opening and support would be welcome to grow their business.”

The full Policy Outcomes Paper is here: https://www.gov.uk/government/publications/2025-uk-china-economic-and-financial-dialogue-policy-outcomes/2025-uk-china-economic-and-financial-dialogue-policy-outcomes

The Treasury press release is here: https://www.gov.uk/government/news/chancellor-marks-600m-of-secure-growth-for-uk-economy-in-beijing

EFD fact sheet is here: https://www.gov.uk/government/publications/2025-uk-china-economic-and-financial-dialogue-policy-outcomes/2025-uk-china-economic-and-financial-dialogue-fact-sheet