China and Britain have vowed to continue and strengthen cooperation on a wide range of economic, financial and trade issues, including speeding up the introduction of a London-Shanghai stock connect program.
In a joint statement yesterday, which coincided with an official visit to China by British Chancellor of the Exchequer Philip Hammond, the countries also said that they opposed trade protectionism and reaffirmed their support for the WTO as a key pillar of the global trade system.
The statement comes as China, in an unusual step, accused the US and the EU of breaking promises that they made when China joined the WTO.
Speaking at a news conference in Beijing with Chinese Vice Premier Ma Kai (馬凱), Hammond said the two countries were also discussing a long-awaited London-Shanghai stock connect program, as well as a possible scheme to connect their bond markets.
“We have agreed to accelerate the final preparations for the London-Shanghai stock connect initiative and we’ve agreed to commence feasibility studies for a UK-China bond connect and for mutual recognition of funds between the two jurisdictions,” he said.
Other areas of cooperation highlighted in the joint statement include encouraging each country’s banks to increase their presence and activity in the other country, the promotion of China-UK cross-border yuan business, and support of the yuan as a settlement currency.
China and the UK are to establish a new joint expert group to exchange views on macroeconomic and fiscal policy, the joint statement said.
Former British prime minister David Cameron is also to be involved in a proposed US$1 billion bilateral investment fund, the statement added.
Talks on the Shanghai-London stock connect scheme, which would allow investors on one bourse to invest in the other, started two years ago, but progress has been slow partly due to Britain’s unexpected decision to leave the EU.
Closer ties between China and UK’s capital markets would be welcome by London, whose future as a global financial hub is clouded by Brexit. It would also be a boon to the London Stock Exchange Group, which is grappling with turmoil that saw the departure of chief executive Xavier Rolet recently.
For China, connecting London and Shanghai’s exchanges would mark another milestone in its capital markets deregulation.
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