The UK has announced a new partnership with China aimed at expanding British access to Chinese markets, with London-based firms expected to be among the main beneficiaries…reports Asian Lite News
UK businesses are set to gain expanded access to the Chinese market under a new partnership agreed during Prime Minister Keir Starmer’s visit to Beijing, with London’s financial and professional services sector positioned at the centre of the government’s strategy to boost exports and support economic growth.
The partnership, announced as part of the Prime Minister’s business-led visit, is designed to respond to long-standing calls from British companies for clearer rules, improved market access and practical support to increase their sales in China. Ministers said the focus on services reflects the structure of the UK economy, with London home to a large concentration of global banks, law firms, consultancies and professional services groups.
Key sectors identified in the agreement include healthcare, financial and professional services, legal services, education and skills. Many of the firms operating in these areas are headquartered or have major offices in the capital, and representatives from several London-based companies have joined the Prime Minister’s delegation to Beijing this week.
A central element of the announcement is a change to Chinese visa policy for British citizens. China has agreed to relax visa rules, allowing UK nationals to travel for up to 30 days without a visa. The move is expected to benefit London businesses in particular, given the capital’s role as the UK’s main hub for international trade, investment and corporate travel.
The two governments have also agreed to conduct a joint “feasibility study” to explore whether to begin negotiations towards a bilateral services agreement. If pursued, such an agreement would aim to establish legally binding rules for UK firms operating in China, offering greater certainty for London-based financial institutions, legal partnerships and consultancy groups seeking to expand their presence in Chinese markets.
The UK is the world’s second largest exporter of services, and London accounts for a significant share of those exports. Government figures show that financial and professional services are among the capital’s largest contributors to national export earnings, with China identified as a market of growing strategic importance.
Between 2023 and 2035, Chinese imports of professional and business services are forecast to grow by 121 per cent, financial services by 71 per cent and digital services by 78 per cent. Ministers said London firms are well placed to compete in these sectors, given their international networks and established reputations.
Currently, UK companies sell around £13 billion worth of services to China each year. The government said the new partnership aims to grow this figure by supporting British firms in building partnerships, navigating regulatory systems and securing recognition for professional qualifications, areas that are particularly relevant for the City of London.
Business and Trade Secretary Peter Kyle said the services sector remained underrepresented in UK exports to China, despite strong growth potential. He said the visit aimed to showcase British strengths and build new commercial links, particularly in legal services, finance, health and education, sectors where London plays a dominant role.
Major City institutions have welcomed the agreements. Brendan Nelson, HSBC Group Chairman, said a stronger economic relationship would support growth, jobs and investment in both countries. He described the visit as highlighting the scale of opportunity in international trade, finance and innovation between the two economies.
Bill Winters, Group Chief Executive of Standard Chartered, said the bank supported both governments’ commitment to deepening economic ties and saw “huge potential for future growth”, particularly in financial services, where London remains one of the world’s leading centres.
Jerome Frost, CEO of engineering consultancy Arup, said the company welcomed the agreement as a way to build on decades of work in China, including major projects in Beijing and Shanghai. He said the partnership would help strengthen collaboration between British expertise, much of it based in London, and Chinese partners.
