Keynote Speech on the Belt and Road Initiative by H.E. Ambassador Liu Xiaoming at the British Parliament: New Stage, New Opportunities, New Role

Ladies and Gentlemen:

This year marks the 70th anniversary of the founding of the People's Republic of China. It is also the 65th anniversary of the establishment of China-UK diplomatic relationship at the level of chargé d'affaires.

China-UK relationship is standing at a new historical starting point. Our two countries face huge potential and promising prospects for cooperation.

I have been working in the UK for more than nine years. My greatest impression during these years is that China-UK business cooperation across the board has been increasing and deepening. BRI cooperation, in particular, has become a highlight of the China-UK "Golden Era".

To ensure high-quality BRI cooperation, I think our two countries should seize the following three opportunities.

First, the opportunity of rule-setting.

High-quality BRI development needs to be guided by rules. China will combine its experience in development with universally-accepted rules and standards. We want to base BRI cooperation on rules that reflect the broadest consensus of BRI partners and form the best practice of BRI.

The UK has been a world leader in regulatory expertise. It has unique advantages when it comes to the laws, rules and standards on international trade.

China and the UK have broad consensus and common interests in supporting the rule-based multilateral trade system. Going forward, based on our cooperation in the third markets, our two countries can enhance exchanges and cooperation on the setting and application of international rules and standards. This could provide better regulatory support for high-quality BRI development.

Second, the opportunity of innovation.

To achieve high-quality BRI development, greater emphasis must be placed on innovation. Digital, cyber and smart technology will create new impetus for growth and open up new paths for development.

The UK, as the cradle of the Industrial Revolution, has rich experience, unique heritage and strong capability in innovation. It is the fourth most innovative nation according to the Global Innovation Index (GII) 2018 by the World Intellectual Property Organisation.

China is also a leader in innovation. It has been increasing its GII ranking in the past years and reached the 17th place in 2018.

China and the UK can certainly do more to tap our respective potential for cooperation on innovation, so as to make more contribution to a digital and innovative Silk Road.

Third, the opportunity of financing.

In promoting high-quality development, no one should shy away from problems. On our part, China will do our best to address key issues that the international community cares about, such as project financing and risk management and control. Handling these issues well holds the key to fostering a sound environment for high-quality development.

The UK can take an active part in the investment and financing of BRI projects by fully leveraging the strength of the City of London and new resources such Shanghai-London Stock Connect. The UK can also explore ways to attract more capital from the private sector and open up more sources and cut costs of financing, so as to ensure the sustainable development of BRI and provide new impetus for international cooperation on trade and investment.