Brexit

[admin]

Just eight months ago, Chinese President Xi Jinping was snapping selfies with soccer stars in Manchester, dining at Buckingham Palace and drinking beer in an English pub. Queen Elizabeth hailed Xi’s U.K. visit as a “defining moment.” Xi and Prime Minister David Cameron heralded in a "golden era" of relations, establishing the U.K. as China’s “best partner in the West.” Xi quoted Shakespeare and stressing Britain’s “positive role” in deepening China’s ties with the European Union. Now, Cameron is on the way out, Britain has voted to exit the EU and Xi’s being forced to reassess his strategy for the 28-member bloc, China’s second-biggest trading partner, according to data compiled by Bloomberg. The U.K. has been a key advocate for China in Europe, from building trade-and-financial links to supporting initiatives such as the Asian Infrastructure Investment Bank. Beijing’s leaders were counting on the U.K’s backing later this year when the bloc decides whether to grant China market-economy status. “One major reason why China attaches great importance to its relations with the U.K. is to leverage EU policy via the U.K.," said Xie Tao, a professor of political science at Beijing Foreign Studies University. London’s value as a "bridgehead" to Europe has been lost with Brexit, Xie said, leaving China to turn its focus to Germany.

Brexit Throws Off Xi and Cameron's Political Bromance - Bloomberg