In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘UK-China strategic partnership’

Hong Kong groups want their own Brexit

Posted by seumasach on August 1, 2016

Brexit is part of a general shift against rising Chinese influence. We see that in the Austrlia. Brazil and , of course, the UK. Next is Hong Kong. Last time the Cameron government, not wishing to disturb Anglo-Chinese relations, was fairly indifferent to the Freedom House protests in Hong Kong. This time we can expect the the British government’s response to be more proactive and provocative.


30th July, 2016

Britain had its Brexit. Now some in Hong Kong are dreaming of their own version.

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George Osborne: We should embrace China, not fear its rise

Posted by seumasach on September 20, 2015

“The Chinese Communist Party, the biggest communist party in the world and , in my opinion, one of the best.”

Father Ted Crilly

“Recent volatility should not and will not put us off. It should drive us forward, so that we integrate China’s new financial markets with our own so they are deeper and better able to absorb shocks.”

George Osborne

This must be the most neglected and most surprising aspect of this Tory government’s policy. Not only have they signed a Comprehensive Strategic Partnership with China, begun to issue UK government bonds in Yuan and broken ranks with the USA in becoming the first Western country to sign up for the AIIB: they are now also about to “integrate our financial markets” with those of China (completely mind-boggling!). Since the nature of China’s financial system, with its orientation to productive imvestment, is the complete opposite of our own this can only be seen as a totally revolutionary step: something which chimes in with Corbyn’s proposal for a National Investment Bank. But while Corbyn comes across as an unreconstructed Bennite, Osborne is more a born again follower of Deng Xaoping. The left are now taking control of both major parties in Britain! Watch out for a wave of interest in things Chinese and a politically-correct campaign against Chinaphobes.


19th September, 2015

The United Kingdom must strive to become China’s “best partner in the west” by forging ever closer economic ties that will bring benefits to all parts of the country, George Osborne has said.

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UK sees Chinese growth at record rate

Posted by seumasach on December 16, 2014

The partnerships established with China by the British and Scottish governments are already bearing fruit. This is the one mitigating factor in bankrupt Britain meaning the coming crisis will be less apocalyptic than it would be otherwise. Britain has always depended on incoming capital flows. The difference now is that instead of these going into government bonds they are taking the form of FDI(foreign direct investment). This provides us with a chance to run down our debt as the Chinese cash in their sterling-denominated bonds for real assets, and to end our trade deficit as Britain becomes an export base for Chinese companies or manufactures here goods which we have up until now imported from China. I would also expect them to “recapitalise”, takeover, our banks once they have been bailed in. This is the context in which the commitment of all major parties to a balanced budget, guaranteed by financial devolution to the regions or constituent nations, must be understood. There are no buyers for UK government bonds and QE to infinity is impossible. It is also possible now to avoid the complete collapse of the pound and we may instead hope for an orderly devaluation within a new global financial system prior to eventual adoption of the Euro.

China Daily

12th December, 2014

Chinese companies are growing in the UK at an unprecedented rate, adding a significant contribution to the UK economy through growth and employment, according to the Grant Thornton Tou Ying Tracker 2014 in collaboration with China Daily.

According to the Tou Ying 2014 Top 25 tracker which was released on Friday, the 25 fastest growing Chinese companies in the UK this year have generated 38 percent growth overall. Their combined turnover exceeded 25 billion pounds, and together they employ about 4,000.


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UK hints at next reserve currency

Posted by seumasach on September 17, 2014

To Issue Chinese Yuan-Denominated Bond

Zero Hedge

15th September, 2014

Yuanification continues around the world. As The USA attempts to corral its allies in a ‘broad coalition’, an increasing number of people – including domestic economic policy advisors – are shifting away from the USD as primary reserve currency. However, the move by British Chancellor of the Exchequer George Osborne, announced Friday, is likely the most notable yet in the world’s de-dollarization. As Xinhua reports, the British government intend to be the first nation (ex-China) to issue Renminbi denominated bond and to use the proceeds to finance the government’s reserves of foreign currency. Osborne described this dialogue outcome as “a historic moment” and a statement of British confidence in the potential of the RMB to become “the main global reserves currency”.

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UK government to issue RMB bond

Posted by seumasach on September 14, 2014

Osbourne expresses confidence in Reminbi as “a global reserve currency”

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Cameron tries out his Chinese

Posted by seumasach on December 5, 2013

Cailean Bochanan

5th December, 2013

Who said that we Brits are slow when it comes to speaking foreign languages! It’s particularly gratifying for me to see David Cameron in China trying out his Chinese, touting for business for some of his cronies, and pointedly neglecting to mention the Dalai Lama. Could it be that he is finally following my call in these columns for a strategic partnership with China? Are we seeing Britain finally embracing multipolarity in a historic geostrategic compromise? If the Foreign Office are now coming round to my way of thinking let us hope that they embrace it with all the zeal of the belated convert. But will the Chinese reciprocate?
An article in Global Times suggests not:

“We’ve discovered that Britain is easily replaceable in China’s European foreign policy,” said the editorial in the newspaper’s Chinese edition. “Moreover, Britain is no longer any kind of ‘big country,’ but merely a country of old Europe suitable for tourism and overseas study, with a few decent football teams.”

However, I would suggest that China is just playing hard to get and not even that hard judging by the spate of investment already on the way here. What’s in it for China, apart from the endless stream of basement price gold? Geopolitics,silly! I have the impression that the Chinese see the old imperial power as a major influence over the USA and potentially a focus for neo-con deadenders seeking to reverse Obama’s historic shift towards a realist foreign policy. They would then be particularly keen to neutralize it. They also wish to make it quite clear that inward investment comes with strings attached namely, non-intervention in China’s internal affairs.
Cameron I believe understands this. Britain is in no position to maintain it’s right to pontificate on human rights,to go on throwing stones, although he must make an occasional nod to public opinion back home. He has also understood what’s at stake for us:
“Britain, having had some very difficult years, having suffered badly in the crisis, is on a mission to rebuild.”
He appears to have grasped the relationship, which I have been pointing out for some time, between reconstruction at home and strategic partnerships abroad: it’s not just about selling a few sausages from Melton Mowbray.
He has also grasped that Britain’s attractiveness for inward investment depends on continued membership of the EU. This is a difficult question for Cameron. The British oligarchy has long demonized the EU in favor of the Wall Street/City of London axis. But their campaign to knock out the Euro failed and Obama has since signaled the end of the special relationship. Cameron’s pose as a representative of the EU promoting free trade may appear to be just a piece of impertinence but it is a clever way of signaling to China his commitment to Europe without triggering alarm bells back home amongst a still eurosceptic public. Whilst Cameron is busy marginalizing the Labour Party and the left, ably abetted by Alex Salmond and his devo-max agenda which will help keep Scottish radicals out of Westminster, his main problem is to marginalize the right,UKIP and  his own eurosceptic wing, if he is to build on the China partnership.

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Li: Britain and China “indispensable and equal partners”

Posted by seumasach on December 3, 2013

Li said Britain and China were indispensable and equal partners, noting the prime minister’s recent approach to Beijing by acknowledging the territorial integrity of China – diplomatic code for accepting Beijing’s rule over Tibet.

Li said: “We have become indispensable partners for each other’s development. China and the UK must treat each other as equals.”

From Guardian, 2nd December, 2013

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UK seeks Chinese investment

Posted by seumasach on December 3, 2013

“We think we have a lot to learn from China because of the success of your high-speed rail. I said to your president and prime minister yesterday that just as we welcome Chinese investment into nuclear power, into other infrastructure so there will be very open competition to provide the infrastructure for our network. We will welcome Chinese investment into that.”


3rd December, 2013

UK would welcome Chinese investment in HS2, says David Cameron

David Cameron has told the Chinese leadership that he would welcome investment by Beijing in Britain’s high-speed rail network.

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David Cameron sidelines Dalai Lama

Posted by seumasach on November 30, 2013

Britain’s recent policy of making enemies everywhere is giving way to a much more sane approach of building constructive and mutually beneficial relations. It is particularly gratifying to see that we have dropped our policy of destabilizing Russia, China, Syria and Iran. Topics to be discussed with China should include demilitarization, debt-write down and Chinese investment in UK economy

David Cameron sidelines Dalai Lama as he heads to China on major trade visit


29th November, 2013

The Prime Minister is taking a plane load of small business leaders to China in a bid to win deals for British business on the trip next week. It is his second visit to China since becoming Prime Minister in May 2010.

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