China’s relations with Britain will remain unchanged through Brexit, Premier Li Keqiang said, as British Prime Minister Theresa May began a three-day visit to China. The UK hopes to sign a free trade agreement with China, but formal talks would not begin before the UK leaves the EU. “Our relationship will not change because of changes in Britain-Europe ties,” Premier Li said. But he acknowledged there would need to be an adaptation. “While we must adapt to these changes, we will assess and talk about future bilateral trade and investment arrangements, to continue to push forward China-Britain relations, including trade and business ties,” Li added.

British PM May said she was committed to deepening the relationship in light of Brexit and would explore all options in future trade ties. May was accompanied by a delegation of 50 business leaders and representatives, which her office said was “the largest” her government has ever taken overseas. May said the two countries agreed to more than GBP9 billion worth of deals during her visit. The agreements covered areas including trade, finance, health care and smart cities. China had also agreed to lift a ban on British beef exports within six months. The two governments have also agreed to team up in building the financial and technology zone in the Xiongan New Area, about 100 kilometers southwest of downtown Beijing, and the China-Britain Innovation Industry Park in Qingdao, Shandong province.

The UK-China CEO Council, a platform for exchange and cooperation for businesses in the two countries, held its first meeting in Beijing. It is composed of 15 companies from China and 16 from the UK. They include the Bank of China, Huawei Technologies, BP and Jaguar Land Rover. Two venture capital firms – Future Planet Capital and Eight Great Technologies – received CNY8 billion in funding commitments from Chinese investors to invest in Britain’s most innovative biotech, medicine and life sciences companies.

China accounts for just a small proportion of British exports, 3.1% in 2016. By the end of last year, Britain had made direct investments of USD1.5 billion in China, while China’s non-financial investment in the UK hit USD1.53 billion.