China-UK dialogue sends more messages beyond Shanghai-London stock connect
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E-mail Xinhua, June 19, 2019
Other achievements at the dialogue included widening market access for British beef and pork to China and establishing a new private sector fund worth up to 1 billion pounds (1.25 billion U.S. dollars) to help UK firms expand into Chinese markets.
"The Department for International Trade will continue to support UK businesses to increase their share in this growing market and build on our substantial export figures, as we progress towards leaving the EU," said Liam Fox, Secretary of State for International Trade.
Looking to the future, the two countries agreed to tap new potentials in both countries' industrial strategies, including cooperation on new energy vehicles, intelligent manufacturing, digital economy and clean energy.
Further opening-up
On Monday morning, prior to the dialogue, Hu and Hammond attended the launch ceremony of the Shanghai-London Stock Connect, under which Shanghai-listed companies can list on the London Stock Exchange via Global Depositary Receipts (GDRs) issuance, while British companies can issue China Depositary Receipts (CDRs) on the Shanghai Stock Exchange.
Nanjing-based Huatai Securities became the first Chinese company to list in the UK via the long-awaited mechanism.
The launch of the mechanism marks a crucial step in China's capital market opening-up and a major part of the China-UK pragmatic cooperation in the financial sector, the China Securities Regulatory Commission (CSRC) said on Monday.
Calling the move a significant milestone for both China and the UK, J.P. Morgan said it would help expand A-share companies' fund-raising from overseas markets and provide international investors with new access to China's capital markets.
Welcoming the launch of the stock connect, both sides eyed a UK-China bond market connect in the future, agreeing during the dialogue to continue the feasibility study on the arrangement, including the potential extension of Chinese bond trading hours.
"Many British businesses are now well-established in China, making an important contribution to the development of China's economy particularly in the area of sophisticated financial services. And there are many more British businesses that are looking at the opportunities Chinese market offers," said Hammond.
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