Li said China will be focusing on market reforms and the restructuring of state-owned enterprises in its next phase of economic development, opening up new opportunities with the U.K. in terms of financing.
Even though there are fears that London’s position as a financial services hub may be jeopardized after Brexit, panellists said that may not be the case if it manages a softer landing. The U.K. is a major offshore yuan clearing center.
And even though the U.K. is not a big country with a large population, it still has a competitive edge in areas such the financial services, said Li.
With China promoting the One Belt, One Road initiative which the U.K. is participating in, there will be a lot of room for collaboration between the two countries, he added.
China has invited U.K. Prime Minister Theresa May to attend a summit in May on the ambitious project to build a new Silk Road, Reuters reported last month, citing sources. This reflects Chinese thinking that the U.K. will be influential in promoting the trade route.
On New Year’s Day, China launched its first freight transport by train from the Chinese city of Yiwu to London.