Opinion | London and Hong Kong hold the keys to closer UK-China collaboration

Since my last visit to mainland China just 12 months ago, the global trade landscape has undergone drastic change. Navigating tariffs is a frequent topic of discussion, while the importance of trade relationships could not be more prominent.

As policy chairman of the City of London Corporation, I strive to ensure that rising global uncertainty does not give way to inertia. As two of the world’s leading financial centres, London and Hong Kong have an opportunity to deepen the wider financial services partnership between the UK and China.

UK Chancellor of the Exchequer Rachel Reeves has indicated support for respectful and consistent relations with China where we can be open about areas both sides disagree while finding opportunities for secure trade and investment. Otherwise, we won’t be able to successfully tackle shared challenges.

Reforming capital markets to supercharge investment into companies looking to start operations, scale up and stay within the UK remains one of these key focus areas. The City of London Corporation has supported a significant part of that work, channelling pension investment into high-growth companies through the Mansion House Accord – a landmark industry-led agreement committing £50 billion (US$67.8 billion) of defined contribution pension funds to UK private markets by 2030.

China also aims to reform its pension system to meet the evolving needs of its ageing population, with the development of a private pension scheme that acts as a “third pillar” of support, creating new opportunities for both domestic and international players, including banks, insurance companies and asset managers.

This presents a clear opening for the UK asset management industry, which is the largest centre outside the United States. Hong Kong, similarly, is a significant global asset management centre with about HK$31 trillion (US$4 trillion) worth of assets under management at the end of 2023.

Opinion | London and Hong Kong hold the keys to closer UK-China collaboration

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Opinion | London and Hong Kong hold the keys to closer UK-China collaboration

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