China-UK dialogue sends more messages beyond Shanghai-London stock connect

0 Comment(s)Print E-mail Xinhua, June 19, 2019
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Chinese Vice Premier Hu Chunhua (2nd R, front) and British Chancellor of the Exchequer Philip Hammond (3rd R, front) attend the launch ceremony of Shanghai-London Stock Connect in London, Britain, June 17, 2019. [Photo/Xinhua]

With the Shanghai-London Stock Connect being in the limelight, the just concluded China-UK economic and financial dialogue has sent more messages beyond the ground-breaking event, particularly in terms of upholding multilateral trade system and China's efforts to open up further.

Back multilateralism

Chinese Vice Premier Hu Chunhua and British Chancellor of the Exchequer Philip Hammond co-chaired the 10th China-UK Economic and Financial Dialogue in London on Monday, with extensive discussions ranging from macroeconomics and global economic governance, trade and investment, big project partnership to financial reform and financial market development and cooperation in new areas.

Against a backdrop of rising protectionism and unilateralism, China and Britain reaffirmed their support for multilateralism and commitment to the rules-based international economic system, according to the policy outcomes released by both sides.

"Both countries should work to improve global economic governance, safeguard multilateralism and tackle global challenges," Hu said at a joint press briefing with Hammond after the dialogue, calling for closer cooperation within existing multilateral frameworks.

"We have discussed this morning our shared commitment to the multilateral system. And I've talked about how we can cooperate to strengthen the multilateral institutions particularly the IMF and the World Bank to underpin that system," Hammond told reporters.

Look beyond Brexit

Currently, the UK is in a crucial period of the Brexit process and political change. By holding the 10th dialogue as scheduled, the Chinese and UK governments have fully demonstrated that they view bilateral relations from a strategic and long-term perspective, Chinese Ambassador to the UK Liu Xiaoming wrote in a signed article on a local Chinese-language newspaper ahead of the dialogue.

Both sides identified greater potential for cooperation in the Belt and Road Initiative (BRI), including in third-party market infrastructure investment cooperation.

To explore financing mechanisms to attract private investment to the BRI, China welcomed qualified British enterprises to issue RMB-denominated BRI-related bonds in China, and both sides welcomed the Industrial and Commercial Bank of China (ICBC) as the first Chinese bank via its London branch to make use of a green loan to support green projects and promote cooperation in green finance.

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