Britain seeks closer economic ties with China after Brexit vote

Britain appears to be seeking more economic and trade cooperation with China after its decision to leave the European Union (EU) last month.

Speaking at a meeting of G20 finance ministers and central bank governors on Sunday in southwest China's Chengdu City, British Chancellor Philip Hammond said he sees opportunities to improve bilateral collaboration.

"Specifically, [I see] the opportunity to increase both British business with China and Chinese investment in Britain, especially in the financial service sector," he said.

The two countries have witnessed closer economic ties in recent years. Britain was the first Western country to join the China-backed Asian Infrastructure Investment Bank, while Chinese companies have invested big in London's real estate market.

In 2015, bilateral goods trade between China and Britain stood at 78.54 billion U.S. dollars.

"The British government wants to build on the 'golden era' declared [by leadership of both sides] last year, and the decision to leave the EU will not affect the global partnership with China," Hammond told British media before leaving for the meeting.

Britain's referendum to leave the EU triggered Article 50, which grants the country two years to secure new trade relations.

Hammond believes Britain is embracing a change in its economy with fresh opportunities beyond the EU and greater trade potential through direct bilateral trade deals with non-EU countries.

Media have reported that Britain is looking to strike a new free trade deal with China. Endi