Britain's May discusses trade barriers with China's Xi

In this photo released by China's Xinhua News Agency, British Prime Minister Theresa May and her husband Philip visit the Yuyuan Garden in Shanghai, Friday, Feb. 2, 2018. Chinese President Xi Jinping touted the advantages of his "Belt and Road" mega-plan for trade and infrastructure links across Asia in a meeting Thursday with British Prime Minister Theresa May, whose government has been slow to endorse the initiative. (Fan Jun/Xinhua via AP)

British Prime Minister Theresa May says she discussed with Chinese President Xi Jinping the importance of removing barriers to commerce as the two countries move toward a future trading arrangement

SHANGHAI — British Prime Minister Theresa May said Friday she discussed with Chinese President Xi Jinping the importance of removing barriers to commerce, especially for British food, drink and financial services, as the two countries move toward a future trading arrangement for after the United Kingdom leaves the European Union.

May said the two leaders in their Thursday discussions agreed on a "trade and investment review" as a first step to future bilateral arrangements.

"As President Xi, quoting Shakespeare, said to me yesterday, what's past is prologue. And I wholeheartedly agree. The U.K. and China are opening a new chapter in our golden era," May said.

May discussed her meeting with Xi at a conference in Shanghai where she was introduced by the founder of Chinese online shopping giant Alibaba, Jack Ma.

She is to fly home later Friday, capping a three-day, three-city visit to China.

May's meeting with Xi also included discussion of cooperation under China's "Belt and Road" mega-plan for trade and infrastructure links across Asia.

May has been hesitant to endorse the trillion dollar-plus initiative, although on Wednesday she expressed conditional support for British involvement as long as such projects adhere to established global business practices.

Business deals worth more than 9 billion pounds ($13 billion) were to be announced before her visit ended, May earlier announced.

Bolstering ties with China became more urgent after Britain voted in 2016 to leave the EU, compelling it to forge new trade agreements outside of the 28-nation bloc.

British exports to China are up 60 percent since 2010, and China is expected to be one of the U.K.'s biggest foreign investors by 2020.

May's visit coincided with the crash of a minivan into pedestrians in downtown Shanghai Friday morning in which 18 people were injured. Police ruled the crash an accident caused when the driver set the vehicle on fire by smoking then lost control.

Related News

US tycoon's China scholarship project opens doors...

Sep 10, 2016

A new scholarship program intended to rival the prestigious Rhodes Scholarships and build...

China says it can't end North Korea nuke program...

Sep 12, 2016

China says the United States has inflamed the conflict on the Korean Peninsula and must carry the...

China's electric vehicle industry shaken by...

Sep 13, 2016

China's electric vehicle industry, a flagship for Beijing's technology ambitions, has been rocked...

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

Tesla's Autopilot system under scrutiny in fatal...

Sep 15, 2016

Tesla faces new scrutiny in China about its vehicle Autopilot system after state television...

China launches second space station, Tiangong 2

Sep 15, 2016

China has launched its second space station in a sign of the growing sophistication of its...

You may also like these

Asian markets lower after Wall Street decline

Sep 15, 2016

Asian stock markets were mostly lower Thursday following Wall Street's decline in light trading...

China plans 30,000-km high speed rail network by...

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

China exports shrink as Trump trade tensions loom

Jan 13, 2017

China's exports fell back into contraction again last month, signaling renewed weakness for the...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

A look at how Trump might shake things up in Asia

Jan 16, 2017

Donald Trump has offered views on U.S. relations with Asia that could indicate radical shifts in...

Financial Markets

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales@thefinancialcapi.com