Chinese Vice Premier Ma Kai and British Chancellor of the Exchequer George Osborne on Monday co-chaired the 7th China-Britain Economic and Financial Dialogue (EFD), reaching 53 agreements ranging from nuclear energy, high-speed railway to an expanded currency swap line.
The current round of EFD aims to implement the consensus reached by both heads of government last year to pave the way for the meeting between the leaders next month, Ma said. The steady economic growth in China and Britain is a bright spot in a gloomy global economy, said Ma.
He called on both countries to enhance cooperation within the G20, the International Monetary Fund, the Asian Infrastructure Investment Bank so as to push forward the coordination on international macro economic policy as well as reforms on global economic governance system.
He encouraged both sides to cooperate on trade and investment. Osborne said Britain is looking forward to President Xi's visit next month. Britain has confidence in China's economy and would like to be the most open of China's trading partners among western countries, he said.
Britain supports the internationalization of RMB and looks forward to China holding the G20 Presidency in 2016. Britain has approved a guarantee worth up to two billion pounds (3.1 billion U.S. dollars) for Hinkley Point C, paving the way for China to invest in Britain's nuclear industry.
The People's Bank of China will issue a RMB denominated central bank note in London in the near future, the first outside of China, said the document. The two sides also agree to extend and expand the RMB/Sterling swap line and to carry out a feasibility study on a stock connect between London and Shanghai.
Britain is committed to work with China on the Belt and Road initiative and China is committed to supporting Britain's "Northern Powerhouse." Both sides agree to encourage participation in Britain's HS2 railway project.
China was Britain's sixth largest goods export market in 2014, up from 14th in 2013. Britain attracted nearly 12 billion U.S. dollars of Chinese foreign direct investment in 2013, more than France and Germany combined.
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