By David Lawder and David Milliken
WASHINGTON (Reuters) – Britain needs to take a “hard-headed, economic realist” approach to relations with China in order to do a better job of boosting trade while minimizing risks to national security, British finance minister Rachel Reeves said on Friday.
Reeves, speaking to Reuters at the International Monetary Fund and World Bank annual meetings in Washington, said the U.S. had been able to boost exports to China while taking a tough line on Beijing’s economic and trade practices.
“They take … a hard-headed, economic realist position that there are opportunities as well for U.S. firms and working people in the U.S. to be able to export all around the world. And I want that for British businesses too,” Reeves said.
Britain’s finance ministry is working on reviving high-level meetings with China that last took place in 2019, with Reeves considering travelling to Beijing in early 2025.
British Foreign Secretary David Lammy visited China last week on a two-day trip during which he said the government would prioritize national security, but that 95% of business was not in an area where that was a major concern.
Reeves said Chinese inward investment to Britain needed to be looked at on a case-by-case basis.
“In projects like nuclear energy, if we develop another nuclear power plant, that will not be with Chinese money,” she said. “However, there are other parts of the economy where we do welcome Chinese investment, and it can help bring additional investment and jobs to the UK.”
(Writing by David Milliken; Editing by Paul Simao)
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