14 October 2005

Responding to Global Economic Challenges: UK and China

This UK-China joint paper sets out the opportunities and challenges presented by rapid global economic change, and the appropriate responses at a national, regional and global level.

Key messages:

  • globalisation can benefit us all – accelerating growth and poverty reduction in emerging economies, and reducing consumer prices and presenting new markets for advanced economies. 
  • governments must: establish economic stability; provide a flexible business environment that encourages enterprise and innovation; ensure workers can access the skills needed to take full advantage of the opportunities, and provide a comprehensive welfare system that supports those in need.
  • many of these challenges can only be addressed at a global level. Governments and international institutions must work together to: keep trade liberalisation on track; work towards the Millennium Development Goals; maintain the stability of the world economy; and take action to tackle climate change.

The paper was launched by the Chancellor of the Exchequer, Gordon Brown, and the Chinese Finance Minister, Jin Renqing, as part of the co-operation between the 2005 UK and Chinese Presidencies of the G7 and G20 respectively.

"Responding to Global Economic Challenges: UK and China" is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page

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