Sources say that during Starmer's visit, Britain and China will revive the 'Golden Era business dialogue'
Three sources familiar with this initiative have confirmed that the British and Chinese governments will be aiming to revive "golden age" business dialogues when Keir Starmer, Prime Minister of Britain, visits Beijing next Monday. Top executives from both countries are 'invited' to participate.
AstraZeneca is among the British companies that will join a restructured "UK-China Chief Executive Council" according to sources who are both Chinese as well as British.
The original idea for the council came from then-Prime Minster Theresa May in 2018 and then-Premier Li Keqiang, during a period that both sides called "a golden age" of relations.
Sources - both officials and businesspeople -- said that the Chinese side would be represented by Bank of China, China Construction Bank, China Mobile, Industrial and Commercial Bank of China, China Railway?Rolling Stock Corporation, China National Pharmaceutical Group and BYD.
LONDON EMBASSY GREENS LIGHT CLEARS WAY FOR A VISIT
The negotiations have been going on for a while. Starmer's trip is largely dependent on China getting approval to build the largest embassy in Europe, which it did on Tuesday.
One person stated that the British government is reluctant to include the word "CEO" as part of the group name, while the Chinese side intends to use the same Chinese translation from 2018.
If the talks proceed, Premier Li Qiang should represent Beijing, according to these sources. This same source said that the British side would announce Starmer's itinerary and Starmer’s visit as early as Friday.
Sources from all sources warned that the threats of U.S. president Donald Trump to acquire Greenland may derail Starmer’s trip. They also said that other aspects of the visit are still being finalised, as the embassy decision was so recent.
One businessperson noted that the CEO of their company had declined to attend the event, as they were unsure if the visit would go ahead.
We contacted all the companies that were expected to attend, but none responded immediately.
STARMER WORKING TO RESET TIES WITH ?CHINA
Starmer's visit would be the first one by a British president since 2018. His administration is aiming to restore ties with the second-largest economic power in the world after successive Conservative governments changed the UK's position from one of Beijing's most ardent supporters to "one of its harshest critics".
In a speech made late last year the Labour Prime Minister accused previous Conservative governments for a "dereliction" of duty by allowing ties to Beijing?to deteriorate. He noted that French President Emmanuel Macron visited China twice in 2018 and German leaders 4 times.
Starmer's trip has not been officially announced by either China or Britain. The British Embassy in Beijing stated that the Prime Minister's visit would be announced as usual. The Chinese foreign ministry has not responded to a comment request.
Commercial ties soured in 2020 after the UK banned China's Huawei's 5G networks, and in 2022 British legislators led a taxpayer funded buyout of China General Nuclear Power Corporation (CGN's) stake in a French nuclear plant that was being developed by?EDF.
CGN, along with Huawei is unlikely to be included in the newly formed group. One of the sources cited the UK's political sensibilities over the role of Chinese companies in critical infrastructure.
China's Li stated that the goal of the council was to "expand bilateral trade and two-way investments in a more healthy, balanced direction," in a report published by the China International Contractors Association. (Reporting and editing by Michael Perry, Joe Bavier and Joe Cash)
(source: Reuters)
