China and the United Kingdom held a new round of economic and financial dialogue in London on Monday, pledging to strengthen cooperation on the Belt and Road Initiative (BRI) and support the multilateral trade system.
Chinese Vice Premier Hu Chunhua and British Chancellor of the Exchequer Philip Hammond co-chaired the 10th China-UK Economic and Financial Dialogue, 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.
Both sides produced 69 mutually beneficial outcomes and signed cooperation documents on third-party market cooperation, financial services and other areas.
Hu called on the two countries to implement the consensus reached between their leaders, work with each other more on the BRI, closely coordinate their macroeconomic policies, and expand trade and investment partnership.
“China and the UK should foster new highlights in financial cooperation and improve global economic governance to inject new vitality to our bilateral relations,” Hu said.
Hailing the fruitful cooperation since the first economic and financial dialogue, Hammond said the UK has unique advantages in participating in the BRI and will be ready to boost trade, investment, finance and energy cooperation with China.
The UK will work with China to safeguard multilateralism and multilateral trade system, Hammond said.
Following the dialogue, Hu and Hammond attended a joint press conference, after which Hu also met with British Prime Minister Theresa May.
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.
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.
Nanjing-based Huatai Securities became the first Chinese company to list in the UK via the long-awaited mechanism.