Britain needs Chinese help to achieve its 2050 net zero target and both countries will benefit massively if they continue to build closer relations with a path to more dialogue.
That's the view of Sir Sherard Cowper-Coles, chair of the China-Britain Business Council and former British diplomat, speaking about the Chinese visit of UK Finance Minister Rachel Reeves this weekend.
With discussions suspended under the previous government, UK Prime Minister Keir Starmer made his intentions clear to improve ties with Beijing by meeting President Xi Jinping twice within four months of taking office in July.
"It's been nearly six years since the last economic and financial dialogue between Britain and China and this is the first step on that journey," Cowper-Coles - former UK ambassador to Israel, Saudi Arabia and Afghanistan - told CGTN Europe.
"This is by no means the last step, but it's a very important and significant move forward. Both countries are looking for growth, both looking for investment, both have complementary economies and Britain can't get to net zero without Chinese help."
Sherard Cowper-Coles (center) is a former UK ambassador to three different countries. /Ahmad Masood/Reuters
He added: "Britain's expertise in financial services and pensions and investment management and insurance is all of huge benefit to China, as well as with the range of consumer goods Chinese consumers seem to like.
"So there's a lot to discuss, a lot to do, and it's difficult to overstate the importance of this visit."
Pragmatic strategies
On her weekend visit to Beijing and Shanghai, Reeves has been criticized by opposition parties for her handling of the economy but the finance minister has insisted new deals signed in the Chinese capital will bring in hundreds of millions of dollars.
"At last we have in London a British government prepared pragmatically to engage with China, where it's in the British national interest to do so," Cowper-Coles said. "That doesn't mean either side giving up on its principles and it doesn't mean either side compromizing its national security.
"It does mean getting together, engaging and working out mutually beneficial solutions in the vast areas of economic, financial, commercial, educational activity where our two countries have so much in common.
"All Britain needs to do is have the common sense and courage to engage where it's in our national interest to do so, and where there's mutual benefit for both Britain and China."