At the start of September 2016, China hosted the global gathering of leaders for the annual G20 Summit. Held in the city of Hangzhou, the meeting offered governments the chance to discuss macroeconomic policies that would lead to more trade, innovation and investment flows across both developed and emerging markets. During this Summit, British Prime Minister Theresa May announced to her counterparts that the United Kingdom (UK) aims to become the global leader in free trade. This announcement comes at an important time for Britain as it begins preparation for its eventual withdrawal from the European Union (EU). By leaving the EU, Britain will be in a position to redefine its role as a trade power without having to comply with European regulations. As the host nation, China also took advantage of the G20 Summit to promote the so-called Beijing economic model; comprising of the ‘One Belt, One Road’ initiative and the Asian Infrastructure and Investment Bank (AIIB). More generally, this represents part of China’s renewed commitment to global economic growth through trade. This special edition of China.Action.Money discusses what the G20 Summit means for China’s trade prospects, including its growing commercial relationship with the UK.
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