UK targets services export growth in China trade talks

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UK targets services export growth

Highlights

At the 15th UK-China Joint Economic and Trade Commission on July 2, UK ministers push for increased services access in China, targeting sectors like engineering, architecture, and accounting.
Officials are conducting a Joint Feasibility Study for a UK-China Trade in Services Agreement, aiming to open China's services market and strengthen investment links.
Brompton Bikes, HSBC, Clifford Chance, JD.com, and ICBC participate in new export and trade events, with Barclays issuing Panda Bonds and Trade Booster launching to support UK SME exports to China.

Trade talks focus on services access

As reported by GOV.UK, Trade Secretary Peter Kyle and China’s Commerce Minister Wang Wentao chair the 15th UK-China Joint Economic and Trade Commission on July 2 at Mansion House, with government and business leaders from both countries meeting to deepen commercial ties and support growth.

The UK says China remains an underdeveloped destination for British services exports even though the country is the world’s second-largest exporter of services. Ministers are seeking to increase opportunities for UK engineers, architects and accountants, while maintaining what the government describes as a pragmatic approach that also protects national security where needed.

Officials this week also meet for discussions on a Joint Feasibility Study into a bilateral Trade in Services Agreement. The government says such a deal would open the Chinese market further to the UK’s services sector and reinforce trade and investment links.

Business deals and export support expand

Around 200 UK and Chinese businesses are due to take part in a new Export to China event ahead of the commission meeting, highlighting demand for deeper commercial links. UK participants include Brompton Bikes, HSBC and Clifford Chance, while Chinese companies named include JD.com and ICBC.

The government also highlights new commercial wins, including Formula E expanding partnerships in China, Barclays issuing Panda Bonds as the first UK-incorporated bank to enter China’s domestic bond market, and CIMA working with the Chinese government on mutual recognition of qualifications. The Royal College of Surgeons of England is partnering healthcare institutions in China, while Intelligent Fabric Technologies is establishing operations in Hong Kong and Shanghai to commercialize its DreamSkin technology.

A new Trade Booster initiative led by the China-Britain Business Council, HSBC, ICBC and JD.com is intended to help UK businesses, particularly SMEs, expand exports to China through targeted support. The UK-China Professional and Business Services Matchmaking platform is also established to connect major Chinese companies with UK services firms seeking capital-raising and overseas investment opportunities.

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