Speaking at a summit in Beijing on China’s programme to re-create the old Silk Road joining China with Asia and Europe, Chancellor Hammond said that the UK would bring its expertise to the BRI (Belt and Road Initiative) and described it as a “vision”. He said: “Our offer is to bring together the best of Chinese manufacturing, engineering and construction, with the best of British project design and legal, technical and financial services expertise, as we promise the golden era of U.K.-China relations to deliver world class sustainable infrastructure for the 21st century.”

The Belt and Road Initiative has tremendous potential to spread prosperity and sustainable development

Philip Hammond

Mr Hammon also said the project must work for everyone for it to turn into a sustainable reality, saying: “The Belt and Road Initiative has tremendous potential to spread prosperity and sustainable development, touching as it does, potentially 70 percent of the world’s population, a project of truly epic ambition.

“The U.K. is committed to helping to realise the potential of the BRI and to doing so in way that works for all whose lives are touched by the project.”

Mr Hammond has headed East to sell UK business infrastructure finance and skills at the second Belt and Road Forum hosted by President Xi Jinping.

Leaders from 37 countries, including Russian President Vladimir Putin and Italian Prime Minister Giuseppe Conte are attending the forum. 

President Jinping has pledged a more open approach to the Belt and Road Initiative. 

This comes as the UK Government has controversially allowed Huawei, the Chinese telecommunications giant, access to the nation’s 5G network.

The forum aims to discuss areas of infrastructure, energy and resources, production capacity, trade and investment and identification of major projects.

International Monetary Fund Managing Director Christine Lagarde said that China’s massive Belt and Road infrastructure program should only go where it is needed and where the debt it generates can be sustained.

Britain and China will hold the next round of their Economic and Financial Dialogue in mid-June in London.

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