UK finance minister to strike $1.3b in deals with China

Britain and China are expected to agree upon more than a billion pounds in trade and investment at the ninth UK-China Economic and Financial Dialogue on Friday and Saturday, according to the UK Treasury.

UK finance minister Philip Hammond is scheduled to meet with Chinese Premier Li Keqiang, Vice-Premier Ma Kai, and other Chinese leaders to discuss what the UK Treasury describes as a "new phase in the Golden Era for UK-China relations".

The Treasury confirmed on Friday that the two sides will seek to agree on upwards of 1 billion pounds ($1.3 billion) in trade and investment deals over the course of the dialogue.

The dialogue involves a series of events over a two-day period. Previous dialogues have led to the development of London as the leading offshore RMB trading hub, and Chinese participation and investment in the UK's civil nuclear sector.

The British delegation will look to establish opportunities in China for the UK's financial services sector, and strengthen trade links with the world's second-largest economy as Britain prepares to leave the European Union.

International trade secretary Liam Fox said he hopes the UK will be able to build on the 16.8 billion pounds in goods and services the nation currently exports to China.

Hammond said: "As we move to a new phase in cooperation between our two great countries, we will be establishing an even deeper trade and investment relationship, helping British businesses and entrepreneurs to seize the opportunities now in front of us as we build an economy fit for the future."

The British delegation includes the governor of the Bank of England, Mark Carney, and the chief executive the of London Stock Exchange, Nikhil Rathi, along with representatives from the banking, investment, and insurance industries.

It is thought that Rathi will seek to make progress on the mooted London-Shanghai Stock Connect program. The link, which was first proposed in 2015, would allow UK investors to buy Chinese shares and vice versa.

The delegation will discuss new ways in which the UK can partner on the Belt and Road Initiative, which is the China-proposed signature international infrastructure and development program.

UK business secretary Greg Clark will hold an energy dialogue with China's National Energy Administration.

"I will be further advancing cooperation between the UK and China on offshore technologies, where the UK leads the world, and renewable energy projects, while reaffirming our joint commitment to work together on clean energy research," Clark said.

The UK's business delegation includes representatives from Arup, Barclays PLC, BlackRock, City of London Corporation, China Britain Business Council, Clifford Chance, Deloitte, HSBC Holdings, KPMG, Linklaters, Standard Chartered Bank, Standard Life Aberdeen, The CityUK, Virgin Money, and Eastpring Investments & Prudence Foundation.