The UK’s new Chancellor Philip Hammond is visiting China to promote Britain as one of the best places in the world to invest and do business with.
The trip will include attending the G20 Finance Ministers’ meeting in Chengdu, and the Chancellor will visit Beijing and Hong Kong to promote British business opportunities with a strong emphasis on the financial services sector.
Hammond said: “My focus in China will be on promoting British business opportunities, including in the financial services sector, where Britain is a world leader. Britain is open for business and one of the most attractive destinations in the world for international investment.
“We have built a strong economic relationship with China and as Chinese investments into the UK continue to diversify and as UK exports grow, Sino-UK relations are more important than ever.
“In the last few days alone we have seen the Australian Prime Minister say he wants a new trade deal with Britain - and Japanese technology firm Softbank announce plans for a record investment in the UK. This is all evidence that our economy is fundamentally strong and well equipped to adapt to the change that will be necessary as we leave the EU.”
Throughout his trip, the Chancellor will trumpet Britain’s fundamental economic strengths, telling investors that the UK will continue to be an open trading nation with a competitive low tax economy.
This is expected to kick-start a series of visits to Britain’s key economic partners, aimed at showcasing to foreign investors the new opportunities presented by the UK’s decision to leave the European Union.