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International relations

UK wooing China in search for post-Brexit growth drivers

May taps Cameron for key role in new state-backed 'Belt and Road' fund

British Prime Minister Theresa May, left, shakes hands with Chinese President Xi Jinping on Sept. 4, 2016 on the sidelines of the Group of 20 summit in Hangzhou, China.   © Reuters

DAVOS, Switzerland -- The U.K. is doubling down on its overtures to China with a fund supporting Beijing's Belt and Road Initiative and other measures, eager to cultivate a new avenue for growth after its exit from the European Union.

Meeting Chinese Vice Premier Ma Kai in Beijing in December, Philip Hammond, Britain's chancellor of the exchequer, happily proclaimed a "golden era" of bilateral ties. Bank of England Gov. Mark Carney and others also accompanied Hammond on the trip, which resulted in 1.4 billion pounds ($1.98 billion) of commercial and investment agreements.

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