On February 2, 2009, visiting Chinese Premier Wen Jiabao held talks with his British counterpart Gordon Brown at 10 Downing Street in London, the Prime Minister's Palace. Both sides exchanged candid, in-depth views on Sino-British relations as well as joint efforts to cope with the international financial crisis and to advance the reform of the international financial system, and reached broad consensus. Following the talks, both sides jointly met the press.

Wen said the Sino-British relationship is now at a new starting point. First, both sides have no problems left over from history, which enables both countries to face the future from a higher prospective. Second, Sino-British strategic consensus has been enhanced and the common interests between both sides are far greater than differences. China-Britain relations have gone beyond the bilateral scope and are having an increasingly significant influence to the world. Third, China and Britain should take coping with the unprecedented financial crisis as an opportunity to deepen exchanges and cooperation in all areas and push bilateral ties to a new high.

Brown said China, as an important strategic partner of the UK, plays a significant role in tackling the global financial crisis. Under the current circumstances, closer UK-China cooperation is of great significance to upholding a fair and open world trade environment and achieving an early recovery for world economy. Premier Wen’s visit has brought confidence and opportunities for cooperation to Britain. The British side will continue to push forward friendly cooperative relations with China, said Brown.

Both sides reached agreement in the following four aspects on joint efforts to cope with the financial crisis.

First, make full use of financial dialogue, task force for bilateral relationship and other mechanisms. Both sides agreed to strengthen communication and coordination on financial policies and keep closer contacts between the central banks and financial supervisory and regulatory bodies of the two countries. The two nations agreed to hold the second round of the China-UK economic and financial dialogue at a mutually agreed time in 2009.

Second, expand the scale of bilateral trade and jointly oppose trade and investment protectionism. Both sides vowed to increase the trade volume to 60 billion U.S. dollars by 2010. China is ready to continue increasing import from Britain and will send a purchasing mission to the UK as soon as possible. The UK side is determined to double its exports to China in the next 18 months and encourages British businesses to expand investment in China. The British side pledged to further open its market to China and promote the European Union (EU) to take active steps.

Third, enhance cooperation in science and technology. Both sides agreed to well implement Innovation China UK (ICUK) and other programs and explore new areas for cooperation on innovative industries, medical care and environmental protection.

Fourth, give priority to humanities exchanges and promote cooperation in the areas of culture, education, tourism, the Olympics and the World Expo.

On the reform of the international financial system, Wen said China is ready to actively participate in the London Summit of G20 nations in April and strengthen coordination with Britain. Wen raised the proposals in the following aspects. First, promote communication and coordination of macroeconomic policies among countries, restore market confidence and diminish the impact of the financial crisis on the real economies. Efforts should be made to curb trade and investment protectionism and push forward the Doha Round negotiations. Second, promote the international community to continue paying close attention to the development issues. Efforts should be made to ensure development resources, prevent the financial crisis from affecting the attainment of the UN Millennium Development Goals as scheduled and address the outstanding concerns of developing countries. Third, push for the building of an equitable, fair, inclusive and orderly international financial system in a comprehensive, balanced, incremental and result-oriented manner. Focus should be put on increasing the say and representation of developing countries and improving supervision on macroeconomic policies of major reserve currency issuing countries. Fourth, push for the reform and improvement of the international financial regulatory system, work towards better information disclosure of complex financial products, enhance prudential regulation and accountability and strengthen transnational cooperation on financial regulation.

Brown introduced his country’s positions and views on relevant issues, emphasizing the need to rebuild the international financial system so as to strengthen regulation and early warning systems and avoid a repeat of the financial crisis. Britain attaches importance to China’s important role in this aspect and is ready to enhance communication and coordination with China to ensure expected outcomes to be delivered at the London Summit of G20 nations in April. Britain supports China to join the Financial Stability Forum (FSF).

Following the talks, both sides issued a joint statement on strengthening cooperation to actively deal with the international financial crisis. The two leaders also witnessed the signing of a couple of bilateral cooperation documents concerning trade, investment, electric power, communications, intellectual property rights and urban development. They also attended a joint press conference.

Prior to the talks, Brown held a welcoming ceremony for Premier Wen.

On the morning of the same day, Premier Wen and Brown attended a breakfast with guests from the academic and financial circles at 10 Downing Street in London, listening to their views and proposals on the current international economic and financial situations.

Both sides also addressed the UK-China Business Summit, vowing to strengthen economic and trade cooperation in joint efforts to overcome the impact of the financial crisis and push Sino-British comprehensive strategic partnership to a new level.