China unveils outcomes of economic, financial dialogue with Britain

2017-12-17
Xinhua

BEIJING —The Ministry of Finance published 72 policy outcomes of an economic and financial dialogue co-chaired by Vice-Premier Ma Kai and British Chancellor of the Exchequer Philip Hammond on Dec 16.

New agreements of the two sides covered a series of issues ranging from bilateral trade to nuclear power to securities and bond trading links. The following are some key items:

—The British government has signed an agreement with the Asian Infrastructure Investment Bank to contribute $50 million to the bank’s project preparation special fund.

—China and Britain recognize the huge benefits of an open world economy, and oppose trade and investment protectionism, and reaffirm their support for the World Trade Organization (WTO) as the central pillar of a multilateral trading system.

—China will support Britain’s smooth transition to a fully independent WTO member with its own schedules of concessions, ensuring minimal disruption to the bilateral trading relationship.

—Britain is committed to a smooth and orderly transition to a new relationship with the EU, and will strengthen bilateral links with key partners, including China.

—Both sides welcome the continuing progress on the construction of the Hinkley Point C project.

—Britain welcomes the China Investment Corporation to open its London office and supports London to play an active role under the Belt and Road Initiative.

—Both sides agree to accelerate the final preparations for the Shanghai-London Stock Connect and to review the timeline for its launch when conditions permit.

—Both sides agree to start feasibility study on a UK-China bond market connect arrangement to help facilitate greater two-way investment into each other’s bond markets.

—Both sides agree to jointly host a UK-China RMB Internationalization Dialogue in London in 2018, to promote London’s role as a Western Hub for RMB and encourage greater use of RMB in international markets, and to support the use of RMB as the settlement currency in bilateral trade and investment.