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China and the United Kingdom held a new economic and financial dialogue in London on Monday, pledging to strengthen cooperation under the "Belt and Road" initiative and to support the trading system multilateral.
Chinese Vice Premier Hu Chunhua and UK Finance Minister Philip Hammond co-chaired the 10th China-UK Economic and Financial Dialogue, with in-depth discussions on topics such as macroeconomics and global economic governance, trade and investments, partnership in major projects, financial reform, or the development of financial markets and cooperation in new areas.
Both sides produced 69 mutually beneficial results and signed cooperation documents on cooperation in third markets, financial services and other areas.
Hu called on the two countries to implement the consensus reached by their leaders, to collaborate more on "The Belt and the Road", to closely coordinate their macroeconomic policies and to develop their partnership on trade and development. investments.
"China and the United Kingdom should encourage new strengths in financial cooperation and improve global economic governance in order to breathe new life into our bilateral relations," said Hu.
Welcoming the fruitful cooperation between the two countries since the first Economic and Financial Dialogue, Mr Hammond, for his part, said that the United Kingdom could benefit from unique advantages by participating in "The Belt and the Road", adding that the country was ready to strengthen cooperation with China in the areas of trade, investment, finance and energy.
The UK will work with China to preserve multilateralism and the multilateral trading system, he said.
After the dialogue, MM. Hu and Hammond attended a joint press conference, after which the Chinese Deputy Prime Minister also met with British Prime Minister Theresa May.
Monday morning before the dialogue, the two officials attended the launch ceremony of the Shanghai-London Stock Connect, a mechanism in which companies listed on the Shanghai Stock Exchange will be able to register on the London Stock Exchange via the issuance of certificates of deposit Global Depositary Receipts (GDRs), while UK companies will be able to issue China Depositary Receipts (CDRs) to register on the Shanghai Stock Exchange.
The launch of this mechanism marks a crucial step in the opening of the Chinese financial market and represents an important part of the Sino-British cooperation in the financial sector, said Monday the China Securities Regulatory Commission (CSRC – China Securities Regulatory Commission).
Huatai Securities, based in Nanjing, became the first Chinese company to list on the UK stock market via this long-awaited mechanism.
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