China, UK agree on more cooperation

China stands ready to work together with the United Kingdom to further expand cooperation in the economic and financial sectors, according to the 11th China-UK Economic and Financial Dialogue held in Beijing on Saturday.

The meeting was co-chaired by Chinese Vice-Premier He Lifeng and British Chancellor of the Exchequer Rachel Reeves, the lead individuals of the dialogue, which has been reactivated after six years.

Based on their positioning as strategic partners, China is willing to work with the UK to enhance communication, further expand economic and financial cooperation, and provide more impetus for stable and mutually beneficial bilateral ties, He said.

Reeves said the UK is committed to strengthening practical cooperation with China in economic and financial areas to achieve the goal of developing a consistent, lasting and mutually respectful relationship between the two countries.

During the dialogue, the two sides reached a series of mutually beneficial outcomes and points of consensus. He and Reeves also attended the fourth China-UK Financial Services Summit.

According to the Ministry of Foreign Affairs, China and the UK restarted their high-level economic and financial dialogue after a hiatus of six years, and the talks are aimed at implementing the important consensus reached by the leaders of the two countries.

Since China and the UK are two of the world's major economic powers and financial hubs, the strengthening of exchanges and cooperation between them in the economic and financial sectors "not only serves the interests of both nations, but also meets the expectations of the international community", Guo Jiakun, a spokesman for the ministry, said at a news conference on Friday.

China and the UK have achieved advancements in capital market cooperation. In 2019, the Shanghai-London Stock Connect program was launched, enabling cross-listings between the Shanghai and London stock exchanges.

In 2022, the program was expanded to include Shenzhen, thereby upgrading into the China-UK Stock Connect. To date, six Chinese listed companies have issued global depository receipts that are listed on the London Stock Exchange's main board.

Meanwhile, financial institutions on both sides have been increasingly active in each other's market, becoming a crucial link in bilateral economic and financial cooperation.

British financial institutions currently hold stakes in eight securities and fund management companies in China, while four Chinese securities and futures companies have established subsidiaries in the UK.

Notably, Standard Chartered Securities (China) became the first newly established wholly foreign-owned securities company in China since the country lifted foreign ownership caps in the sector in 2020, while Standard Chartered Bank (China) became the first foreign bank to obtain a domestic fund custody license and trade onshore treasury bond futures.

In October, HSBC Bank (China) also received a domestic fund custody license.

According to the Foreign Ministry, the China-UK economic and financial dialogue mechanism was established in 2008, serving as an important platform for the two countries to engage in discussions and cooperation on critical, overarching and long-term issues in the economic and financial sectors.