The financiers Philip Hammond is taking to China

Chinese lanterns


Hammond, who will meet other Group of 20 finance ministers in Chengdu, is also set to visit Beijing and Hong Kong, and there will be a “strong emphasis” on the financial services sector, according to a UK Treasury statement on July 22.

The newly-appointed Chancellor will host a financial services roundtable in Beijing, due to be attended by the likes of Douglas Flint, the chairman of HSBC Holdings, and Ian Macdonald, Aberdeen Asset Management’s deputy head of Asia Pacific.

Sir Gerry Grimstone, the chairman of Standard Life, and Nikhil Rathi, the chief executive officer of London Stock Exchange PLC, will also attend the roundtable, where they will be joined by Virgin Money chief executive Jayne-Anne Gadhia, and Malcolm Sweeting, senior partner at law firm Clifford Chance, according to spokespeople for all of these companies.

The roundtable will welcome senior representatives from China’s banking sector, according to the statement.

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Hammond said that relations with China are “more important than ever” as he seeks to present Britain as “one of the most attractive destinations in the world” for international investment.‎

Hammond said in the statement: “My focus in China will be on promoting British business opportunities, including in the financial services sector, where Britain is a world leader. Britain is open for business and one of the most attractive destinations in the world for international investment.‎”

According to the UK Treasury, Hammond’s visit to China is expected to kick-start a series of visits to Britain’s key economic partners, aimed at “showcasing” the “opportunities” in the wake of the June 23 Brexit vote.

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