On July 28, Minister of Commerce Wang Wentao held a video call with the UK’s new Secretary of State for Business, Innovation, Science and Trade, Jonathan Reynolds. The two sides exchanged views on China-UK economic and trade relations.

Wang congratulated Reynolds on his appointment and expressed China’s readiness to fully leverage the China-UK Joint Economic and Trade Commission mechanism to foster sound and steady growth in bilateral economic and trade ties. He said China stands ready to expand the cooperation pie with the UK, strengthen collaboration in services trade, green transition, renewable energy, and other areas, and drive upward and forward balance of bilateral trade. China reaffirmed its commitment to safeguarding the multilateral trading system with the WTO at its core. On the British Steel nationalization issue, Wang noted China’s serious concern and urged the UK side to abide by relevant international rules, faithfully fulfill obligations under the China-UK Agreement Concerning the Promotion and Reciprocal Protection of Investments, and handle the matter prudently and properly so as to foster a sound business environment for Chinese enterprises operating in the UK.

Reynolds said that robust UK-China economic and trade relations serve the interests of businesses and people on both sides. The UK side echoed China’s vision of driving upward and forward balance of bilateral trade and looks forward to deepening practical cooperation with China in trade in services, climate change, artificial intelligence, and other fields, as well as enhancing coordination within the WTO framework. On the British Steel issue, Reynolds said the country understands and attaches importance to China’s concerns. Under applicable law, an independent third-party assessment will be commissioned, and the UK will strictly follow the findings and provide fair compensation. The country does not wish this matter to affect the overall UK-China economic and trade relationship. (Released on July 29)