On June 26, 2003, British Deputy Prime Minister John Prescott met with visiting Foreign Minister Li Zhaoxing in London.

During the meeting, Li said that cooperation between China and the UK is fruitful in various areas. China welcomes more investment from British firms and is ready to strengthen cooperation with Britain in services and financial sectors, noting that Britain had become the largest investor among European Union countries in China and the second largest trade partner from the EU. Li said that the two countries shared similar point of view on many international issues. He noted that both countries advocated maintaining the United Nations’ authority and the unity of the Security Council, and made good contacts, negotiation and cooperation over a series of international and regional issues. He spoke highly of efforts and contributions made by the British side and Prescott himself to international cooperation in protecting the environment and promoting sustainable global development, adding that China is willing to strengthen cooperation with Britain in implementing the follow-up action on the World Summit on Sustainable Development in South Africa and Kyoto Protocol.

Echoing Li's view on bilateral relations, Prescott said close exchanges of visits at all levels between the two countries have greatly pushed forward Sino-British relations. Proscott said that Britain was interested in playing an active part in China's economic development and wanted to be involved in the infrastructure construction for the 2008 Olympic Games in Beijing. Saying Britain attached great importance to the cooperation with China in international affairs, he said that the two sides could play a joint role in solving poverty, injustice and other problems of the world. He praised China for its achievements in environmental protection and promoting sustainable global development and for its role in implementing the Kyoto Protocol. He added that the British side appreciated it and was ready to strengthen cooperation with China in this field.

Following the meeting, Li Zhaoxing had a meeting with Ben Chapman, chairman of the Britain-China Group of the British House of Commons, talking about bilateral relations, trade and economic cooperation, intellectual property rights protection, the DPRK nuclear issue, and UN reform. He also met with Charles Powell, president of the China-Britain Business Council, and Geffery Howe, former deputy prime minister and honorary chairman of Great Britain-China Center. Both sides expressed satisfaction with the development of bilateral relations and hoped that the sound momentum would be strengthened.