China, UK pledge more cooperation on BRI, support for multilateral trade system

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LONDON, June 17 (Xinhua) -- China and the United Kingdom held a newround of economic and financial dialogue in London on Monday, pledgingto strengthen cooperation on the Belt and Road Initiative (BRI) andsupport the multilateral trade system.

Chinese Vice Premier Hu Chunhua and British Chancellor of theExchequer Philip Hammond co-chaired the 10th China-UK Economic andFinancial Dialogue, with extensive discussions ranging frommacroeconomics and global economic governance, trade and investment, bigproject partnership to financial reform and financial marketdevelopment and cooperation in new areas.

Both sides produced 69 mutually beneficial outcomes and signedcooperation documents on third-party market cooperation, financialservices and other areas.

Hu called on the two countries to implement the consensus reachedbetween their leaders, work with each other more on the BRI, closelycoordinate their macroeconomic policies, and expand trade and investmentpartnership.

"China and the UK should foster new highlights in financialcooperation and improve global economic governance to inject newvitality to our bilateral relations," Hu said.

Hailing the fruitful cooperation since the first economic andfinancial dialogue, Hammond said the UK has unique advantages inparticipating in the BRI and will be ready to boost trade, investment,finance and energy cooperation with China.

The UK will work with China to safeguard multilateralism and multilateral trade system, Hammond said.

Following the dialogue, Hu and Hammond attended a joint pressconference, after which Hu also met with British Prime Minister TheresaMay.

On Monday morning, prior to the dialogue, Hu and Hammond attended thelaunch ceremony of the Shanghai-London Stock Connect, under whichShanghai-listed companies can list on the London Stock Exchange viaGlobal Depositary Receipts (GDRs) issuance, while British companies canissue China Depositary Receipts (CDRs) on the Shanghai Stock Exchange.

The launch of the mechanism marks a crucial step in China's capitalmarket opening-up and a major part of the China-UK pragmatic cooperationin the financial sector, the China Securities Regulatory Commission(CSRC) said on Monday.

Nanjing-based Huatai Securities became the first Chinese company to list in the UK via the long-awaited mechanism.

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