To support the tenth Economic and Financial Dialogue (EFD) between the UK and China, TheCityUK and the UK Department of International Trade have produced a special report outlining the growing financial and related professional services trade relationship between the two countries.
The UK and China have made real progress in recent years to strengthen trade in services, particularly in financial services. UK financial services exports to China totalled £350m in 2018, while imports amounted to £65m – equating to a trade surplus of £285m. But, despite this progress, China still accounts for only 0.4% of total UK financial services exports, indicating great potential for future growth.
Many of the elements critical to this growth are in place – London is now the world’s largest Renminbi trading hub outside China. Alongside this, over the past few years a growing number of Chinese financial services companies have established operations in the UK, reflecting Britain’s position as the leading recipient of Chinese FDI into Europe. These successes have been secured through close cooperation and partnership between the two governments, regulators and industries.