China and Britain have vowed to continue and strengthen cooperation on a wide range of economic, financial and trade issues, including speeding the introduction of a London-Shanghai stock connect programme.
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 and reaffirmed their support for the World Trade Organisation (WTO) as a key pillar of the global trade system.
The statement comes as China, in an unusual step, accused the United States and the European Union of breaking promises that they made when China joined the WTO.
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Stock connect scheme
Speaking at a press conference in Beijing together with Chinese Vice Premier Ma Kai, Mr. Hammond said the two countries were also discussing a long-awaited London-Shanghai stock connect programme, as well as a 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 U.K.-China bond connect and for mutual recognition of funds between the two jurisdictions,” he said.
Other areas of cooperation highlighted in Saturday’s joint statement include encouraging each country’s banks to increase their presence and activity in the other country, the promotion of China-U.K. cross-border yuan business, an agreement to cooperate on ultra-low-emission vehicles, and support of the yuan as a settlement currency.
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