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Vice Premier Ma Kai and Chancellor of the Exchequer Philip Hammond of the UK Co-chair the Eighth China-UK Economic and Financial Dialogue

On November 10, 2016 local time, Vice Premier Ma Kai and Chancellor of the Exchequer Philip Hammond of the UK co-chaired the eighth China-UK Economic and Financial Dialogue in London. The two sides conducted candid and in-depth discussions on such topics as macroeconomic situation and policy, trade and investment and market access, the development of financial services and financial market, infrastructure and industrial strategies, achieving 63 outcomes.

Ma Kai said that both China and the UK are of important global influence in today’s world. The meeting between leaders of both countries in Hangzhou this September reaffirmed the general direction of the “golden era” of China-UK relations, charting the course for deepening bilateral relations and practical cooperation in economy and trade in the next period.

Ma Kai pointed out that China-UK Economic and Financial Dialogue is a high-level mechanism that leads the economic and financial cooperation between the two countries and plays an irreplaceable role in deepening strategic communication, promoting comprehensive cooperation and enhancing bilateral and multi-lateral coordination between both sides. As the first inter-governmental high-level dialogue between China and the UK after the Hangzhou meeting of leaders from both countries, and the first economic and financial dialogue after the establishment of the new UK government, this dialogue shoulders the missions of fulfilling the important consensus and achievements reached by leaders of both countries and making plans for bilateral pragmatic cooperation in economy and trade in the next stage, as well as exerts great significance of inheriting the past and opening up the future.

Ma Kai emphasized that this year is the first year of the “golden era” of China-UK relationship, and next year will mark the 45th anniversary of the establishment of diplomatic relations between the two countries, which is a new beginning for bilateral economic cooperation. China is willing to deepen cooperation with the new UK government, and continue to give play to the important leading role of the dialogue, so as to elevate China-UK global comprehensive strategic partnership in the 21st century to a new level.

Philip Hammond said that President Xi Jinping’s successful visit to the UK last October marks that UK-China relations have entered into a “golden era”. The UK side congratulates China on successfully hosting the G20 Hangzhou Summit. Close cooperation between both sides under the G20 framework has responded effectively to a variety of risks and challenges. In recent years, bilateral trade has witnessed steady growth and the UK has attracted the most investment from China among all European countries, which fully demonstrates the strong vitality of bilateral cooperation. The UK and China are natural cooperation partners of mutual benefit and win-win results. Committed to obtaining more benefits from the global comprehensive strategic partnership between the two countries, the UK side is willing to further promote the sustained development of the “golden era” of UK-China relations.

The two sides agreed to further advance the strategic alignment between regional development plans of the UK and the “Belt and Road” initiative as well as between the “Strategy of UK Industry 2050” and “Made in China 2025”, improve the level of investment and trade cooperation, deepen cooperation in civil nuclear power, high-speed railway and aerospace projects by taking the Hinkley Point Project as an opportunity, boost the normalization of financial service cooperation, strengthen communication in financial supervision, develop cooperation in new fields including green finance, inclusive finance and financial science and technology, actively explore third-party market cooperation, strengthen communication and coordination in international affairs and macroeconomic policies and jointly well implement outcomes from the Hangzhou Summit to promote the robust, sustainable, balanced and inclusive growth of the world economy.

On the same day, Ma Kai and Philip Hammond also jointly met the press and attended China-UK Financial Service Summit.

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