Philip Hammond heads to China to boost the City's reputation in the Far East

 
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Hammond will visit Beijing, Hong Kong and Chengdu in his time in China. (Source: Getty)

Chancellor Philip Hammond has travelled to China in a bid to burnish the City's trading reputation overseas.

Hammond will visit Beijing and Hong Kong to promote British business ahead of the G20 finance ministers' meeting in Chengdu.

“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,” Hammond said.

“We have built a strong economic relationship with China and as Chinese investments into the UK continue to diversify and as UK exports grow, Sino-UK relations are more important than ever.”

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Hammond will be joined by representatives from HSBC, Virgin Money, Aberdeen Asset management, the London Stock Exchange, Standard Life and Clifford Chance.

It comes after Prime Minister Theresa May visited Germany and France to begin talks over their UK's new relationship with the EU, while foreign secretary Boris Johnson has this week travelled to America.

The UK is home to more Chinese investment than any other European country, with growth of China’s investment to the UK averaging 58 per cent per year over the last decade.

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