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· Remarks by H.E. Ambassador Liu Xiaoming at the Welcoming Dinner for Chairman Zhou Xiaochuan: Join Hands to Forge Ahead for A New Chapter of China-UK Financial Cooperation(2019-03-13)
· Ambassador Liu Xiaoming attends and answers questions at panel discussion of the Concordia Africa Initiative(2019-03-02)
· Speech by H.E. Ambassador Liu Xiaoming at the Chinese for Labour Gala Chinese New Year Banquet 2019: Put People First and Deliver Benefits to the People(2019-02-28)
· The Guardian Publishes a Signed Article by Ambassador Liu Xiaoming Entitled Gunboat diplomacy can only harm Britain's relationship with China(2019-02-27)
· Speech by H.E. Ambassador Liu Xiaoming at the "A Bite of China: A Private Banquet to Celebrate Chinese New Year": East Meets West in the Beauty of Harmony(2019-02-23)
· Keynote Speech by H.E. Ambassador Liu Xiaoming at the KPMG Breakfast Meeting: The Chinese Economy: What has changed and what has not?(2019-02-21)
· Speech by H.E. Ambassador Liu Xiaoming at the Reception to Bid Farewell to Minister Zhu Qin and Welcome Minister Chen Wen: Pass on the Baton of China-UK Friendship(2019-02-20)
· The Daily Telegraph Publishes a Signed Article by Ambassador Liu Xiaoming Entitled China will bring further opportunities to the world as its economy remains robust(2019-02-19)
· Keynote Speech by H.E. Ambassador Liu Xiaoming at the Conservative China Group House of Commons Breakfast: Three Choices in China-UK Relations(2019-02-13)
· Speech by H.E. Ambassador Liu Xiaoming at the HSBC Chinese New Year Celebration 2019: Pool Our Wisdom to Create Prosperity(2019-02-13)
· Speech by H.E. Ambassador Liu Xiaoming at the Chinese New Year Dinner by the Cities of London and Westminster Conservative Association: Cement the Foundation for the Edifice of China-UK Relations(2019-02-12)
· Ambassador Li Xiaoming Gives an Interview to China Daily at the Chinese New Year Celebration at Trafalgar Square(2019-02-11)
· Remarks by H.E. Ambassador Liu Xiaoming at the Opening Ceremony of Festival of Spring, Chinese New Year Celebration(2019-02-11)
· Remarks by H.E. Ambassador Liu Xiaoming at the China-UK Charity Initiative Reception in Celebration of the Year of the Pig: Promote Cooperation through Charity(2019-02-09)
· Keynote Speech by H.E. Ambassador Liu Xiaoming at the "Icebreakers" Chinese New Year Dinner 2019: Carry on the "Icebreakers" Spirit and Take China-UK Relations Forward(2019-02-01)
· Speech by H.E. Ambassador Liu Xiaoming at the China Lates of the Science Museum: A Delightful Taste of China, A Closer China-UK Bond(2019-01-31)
· Remarks by H.E. Ambassador Liu Xiaoming at the APPCG Chinese New Year Reception: Build Common Ground for a Truly "Golden Era"(2019-01-29)
· Speech by H.E. Ambassador Liu Xiaoming at the 2019 CSSAUK Chinese New Year Gala: Align the Small Dream with the Big Mission(2019-01-29)
· The Sunday Telegraph Publishes a Signed Article by Ambassador Liu Xiaoming Entitled Don't listen to the scaremongers – Huawei is not a security threat to Britain(2019-01-28)
· Speech by H.E. Ambassador Liu Xiaoming at the China-UK Mathematic Teacher Exchange Programme Reception: Make Greater Contribution to China-UK Educational Exchange and Cooperation(2019-01-26)
· The Daily Telegraph Publishes a Signed Article by Ambassador Liu Xiaoming Entitled Dialogue and co-operation are the only way to cyber security(2019-01-22)
· Speech by H.E. Ambassador Liu Xiaoming at the Reception Celebrating Mr. Stephen Perry Being Awarded the China Reform and Friendship Medal: Reform Promotes Development and Cooperation Enhances Friendship(2019-01-15)
· Keynote Speech by H.E. Ambassador Liu Xiaoming at the Oxford and Cambridge Club: China is Firmly Committed to Peaceful Development and Win-Win Cooperation(2019-01-09)
· The Daily Telegraph Publishes a Signed Article by Ambassador Liu Xiaoming Entitled China's reform heralds a bright new future(2019-01-01)
Remarks by H.E. Ambassador Liu Xiaoming at the Welcoming Dinner for Chairman Zhou Xiaochuan: Join Hands to Forge Ahead for A New Chapter of China-UK Financial Cooperation
Chatham House, 12 March 2019
2019/03/13

Chairman Zhou,

Governor Carney,

Lord O'Neill,

Chairman Fang,

Chairman Tucker,

Ladies and Gentlemen:

Good evening!

It is a real delight to join you at this dinner jointly hosted by the 48 Group Club and the China Chamber of Commerce in the UK. On behalf of the Chinese Embassy, I would like to begin by extending a warm welcome to Chairman Zhou Xiaochuan and his delegation!

Chairman Zhou was Governor of the People's Bank of China for 15 years, the longest-serving governor of China's central bank.

In those 15 years,

  • Chinese economy hit new records;
  • China's financial sector stood the test of the Asian financial crisis in 1997 and the international financial crisis in 2008;
  • And China-UK financial cooperation made big strides forward.

Last month, the London-based Central Banking publication honoured Chairman Zhou with the 2019 lifetime achievement award. He was recognized for his "high levels of integrity, intellectual rigour and bold reforms that have served the public interest in China and elsewhere".

I would like to see this award as more than just recognition of Chairman Zhou's achievement. It is an award for China's financial sector. It is also an award for China-UK financial cooperation.

In recent years, China-UK financial cooperation has enjoyed a strong growth with three new salient features:

First, financial cooperation has increasingly become a "new engine" for China-UK business cooperation.

Let me give you a few examples:

  • China-UK Economic and Financial Dialogue produced 72 outcomes in 2017. More than half are in the financial services sector.
  • The PBOC and the Bank of England have initiated the G20 Green Finance Study Group to encourage green finance innovation and enhance cross-border connectivity between green-bond markets.
  • Preparations for the Shanghai-London Stock Connect are well underway.
  • And our two countries have issued the China-UK Strategic Plan for Financial Services. This has laid a solid foundation for closer cooperation on financial supervision and business partnership.

Second, China-UK financial cooperation has found a "new platform" in the Belt and Road Initiative (BRI).

Recent years have seen fruitful results in China-UK financial cooperation on BRI. Among major Western countries, the UK was

  • the first to apply to join the Asian Infrastructure Investment Bank (AIIB);
  • the first to contribute to the AIIB special fund;
  • the first to sign the Guiding Principles on Financing the Development of the Belt and Road;
  • and the first to appoint a BRI special envoy and set up an Expert Board.

In 2017, Chancellor of the Exchequer Philip Hammond attended the first Belt and Road Forum for International Cooperation as the personal envoy of Prime Minister May. At the Forum, Chancellor Hammond called the UK a natural partner of China in advancing BRI. I fully agree with him. And I would like to add that the financial sector is a natural area for China-UK cooperation on BRI.

Very soon, China will host the second Belt and Road Forum. We welcome the UK delegation to the Forum. We look forward to joining hands with the UK and taking our cooperation on BRI to a new stage.

Third, RMB internationalisation has created "new opportunities" for China-UK financial cooperation.

The UK has always played an important role in RMB internationalisation. It is only natural that London becomes the world's largest offshore RMB market outside Asia.

In fact, London has set a number of records in RMB internationalisation.

  • It was in London in 2014 that the British Government issued RMB sovereign bond for the first time in the world;
  • It was in London in 2015 that the People's Bank of China issued the first RMB-denominated central bank bill;
  • It was in London in 2016 that the Ministry of Finance of China issued the first overseas RMB sovereign bond;
  • It was also here in London, again in 2016, that the Bank of China issued the first Green Covered Bond.

I am confident that as China accelerates its pace in RMB internationalisation, there will be more new opportunities for China-UK financial cooperation.

Ladies and Gentlemen:

President Xi Jinping has made a solemn pledge to the world, "China will not close its door; instead, China will open its door even wider to the world."

In line with this pledge, it is expected that in the coming 15 years, China will import more than $30 trillion in goods and over $10 trillion in services.

Amid the sluggish economic growth, rising uncertainties, and surging protectionism and unilateralism in the world, a more open and constantly growing China will bring more confidence to the world, create more opportunities for other countries, and open a broader prospect for China-UK business cooperation.

It is my sincere hope that people from all walks of life in our two countries will join hands to forge ahead. I hope we could translate our confidence in China-UK cooperation into concrete actions, and turn the opportunities into mutually-beneficial results. Working together, we can make even greater contribution to the China-UK "Golden Era"!

In conclusion, I wish Chairman Zhou a most successful visit to the UK!

Thank you!

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