Rachel Reeves will next month head a delegation of leading bankers to Beijing to seek closer ties across a range of financial services, while quietly sidelining security fears over the UK-China relationship.
The chancellor has been leading opposition to China’s inclusion in the “enhanced tier” of a new scheme that would force companies acting for foreign entities to flag their work on a central register, according to government officials.
She fears that including Chinese nationals in the scheme — which is intended to allow the UK to monitor potential foreign influence — would hobble business ties with the People’s Republic.
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