HM Treasury published the policy outcomes and a fact sheet from the 2025 UK-China Economic and Financial Dialogue, setting out a bilateral package to deepen financial services cooperation. The outcomes cover regulatory coordination and supervisory information sharing, capital markets connectivity initiatives and a set of green finance and market access measures, which the UK estimates at GBP 600 million of value over the next five years. The outcomes document notes it does not create rights or obligations under international or domestic law. On financial regulatory cooperation, the UK and China committed to more regular exchanges through multilateral fora and to closer engagement between the UK's Prudential Regulation Authority and Financial Conduct Authority (FCA) and China's National Financial Regulatory Administration (NFRA), including plans for an annual bilateral supervisory forum. Work is beginning on a new PRA-NFRA Memorandum of Understanding (MoU) to update the November 2022 MoU between the PRA and the former China Banking and Insurance Regulatory Commission, and both sides will actively explore an FCA-NFRA supervisory cooperation MoU. The package also includes dialogue on crypto-asset regulation, cooperation on consumer and investor protection (including digitisation, consumer credit and online fraud), a commitment to improve prompt supervisory data sharing, and the establishment of a new financial crime working group alongside reaffirmed implementation of Financial Action Task Force standards and cooperation against currency counterfeiting. In capital markets, both sides reaffirmed support for UK-China Stock Connect, noting six issuances that have raised over USD 6.6 billion on the London Stock Exchange, and welcomed the launch of UK-China over-the-counter bond business enabling international investors to trade and settle RMB bonds in the UK time zone. Next steps include further work on UK-China bond market connectivity, exploring a UK-China ETF Connect, and beginning central counterparty (CCP) equivalence assessments, including Bank of England and People’s Bank of China discussions on an MoU on CCP supervision to support potential recognition decisions. On sustainable finance, China agreed to issue an inaugural RMB-denominated sovereign green bond in 2025 to be listed in London, and Bank of China London Branch signalled an intention to issue dual-currency sustainability-related bonds in 2025; the UK-China Green Finance Taskforce will take forward new workstreams including transition finance and biodiversity finance.

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