Alan Vallance, ICAEW’s Chief Executive, was among representatives from the UK’s financial and professional services sector that joined Rachel Reeves at the Financial Services Summit which formed part of the 11th Economic and Financial Dialogue (EFD) between the UK and China.

The EFD, which took place in Beijing on 11 January, was hosted by China’s Vice Premier, He Lifeng, and was the first time high-level economic talks had been held between the two countries since 2019.

Alongside representatives from both governments and the private sector, the Governor of the Bank of England and the Chief Executive of the Financial Conduct Authority were in attendance at the Financial Service Summit.

The UK government has confirmed that the outcomes of the dialogue would be worth £600m to the UK’s economy over the next five years. Deals made include the granting of new licences and quota allocations to UK financial services firms and lifting barriers for the export of agricultural products, including pork, poultry and wool.

Reeves said: “The agreements we’ve reached show that pragmatic cooperation between the world’s largest economies can help us boost economic growth for the benefit of working people – a priority of our Plan for Change.”

Vallance said: “Professional and business services have been identified as a growth sector in the UK government’s industrial strategy, so we are delighted by the commitment to accountancy.

“We look forward to working closely with both governments to help them deliver on their ambition to unlock economic growth.”

ICAEW and CICPA to boost collaboration

As part of the EFD, ICAEW and Chinese Institute of Certified Public Accountants (CICPA) took the opportunity to strengthen their partnership. The two bodies will explore the expansion of exam exemptions for their members, and to enhance cooperation on accounting standards, research and education programmes.

Vallance, said: “We look forward to working with the CICPA on mutual examination exemptions and in partnership with our counterparts in China on common areas, like accountancy standards and sustainability.”