AFP PHOTO | POOL | FRED DUFOUR
Britain’s Chancellor of the Exchequer Philip Hammond in addition to Chinese Vice Premier Ma Kai (C) pose with delegates for a group photo during the UK-China Economic Financial Dialogue at the Diaoyutai State Guesthouse in Beijing on December 16, 2017.
China in addition to Britain have vowed to continue in addition to strengthen cooperation on a wide range of economic, financial in addition to trade issues, including speeding the introduction of a London-Shanghai stock connect program.
In a joint statement on Saturday, coinciding with an official visit to China by British finance minister Philip Hammond, the countries also said they opposed trade protectionism in addition to reaffirmed their support for the earth Trade Organisation as a key pillar of the global trade system.
The statement comes as China, in an unusual step, accused the United States in addition to the European Union of breaking promises that will they made when China joined the WTO.
Speaking at a press conference in Beijing together with Chinese Vice Premier Ma Kai, Hammond said the two countries were also discussing a long-awaited London-Shanghai stock connect programme, 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 in addition to we’ve agreed to commence feasibility studies for a UK-China bond connect in addition to for mutual recognition of funds between the two jurisdictions,” he said.
Hammond, who also visited a separate forum on Saturday where the London in addition to Shenzhen stock exchanges signed a pact on supporting innovative companies, said he hopes to see more Chinese smaller firms “make the most of our country’s startup expertise, networks in addition to capital raising capabilities.”
Fang Xinghai, vice chairman of China Securities Regulatory Commission, told the forum that will China is actually looking to raise cooperation with Britain.
“China’s savings are ample in addition to we should create conditions to turn more savings into capital of innovative firms, rather than letting most of the savings stay from the property market,” said Fang. “If we can achieve This specific, Chinas economy will move up to a fresh level.”