The UK cannot afford to give the “cold shoulder” to China, the City minister said on Monday, in comments that will distance the British government from the Biden administration’s protectionist crackdown. Addressing financial services bosses at the City Week conference in London’s Guildhall, Bim Afolami said it was “crucial” to engage with strategic competitors such as Beijing, and that the UK risked losing control of its economic future if it failed to find common ground. “Like with any bilateral relationship, we don’t agree on everything, [but] we are very clear that you simply cannot give the cold shoulder to an economy that is home to a fifth of the world’s globally systemic important banks, four of the world’s largest banks, and almost a third of the world’s leading global financial centres. It just doesn’t make sense,” he said. “Therefore, it is in our interest to engage where we can. [It is] profoundly in our interest to do so.” Afolami said keeping the door open to Beijing would mean the two countries could tackle shared challenges, including the climate crisis, biodiversity loss and ageing populations, together. “Where China is concerned, we are taking the long view.” He stressed that the UK...