Shanghai looks to enhance collaboration with UK

Shanghai looks to explore new opportunities presented by the successful China-UK Economic and Financial Dialogue held on Saturday to further strengthen collaboration with the United Kingdom and achieve higher level mutual benefits, according to official sources.

The UK's Chancellor of the Exchequer Rachel Reeves and Chinese Vice-Premier He Lifeng concluded the UK-China Economic and Financial Dialogue in Beijing on Jan 11.

"Through continuous efforts in deepening the interconnection of financial markets between Shanghai and the UK, Shanghai is set to carry out more scientific research exchanges among universities and research institutions, as well as strengthen innovation cooperation in areas including digital economy and artificial intelligence," Gong Zheng, mayor of Shanghai, said during his meeting with Reeves on Sunday, according to the official WeChat account of the Shanghai municipal government.

The joint efforts in achieving high-quality development are hoped to benefit the well-being of people both in Shanghai and the UK, Gong added.

Reeves said Shanghai plays an important role in collaboration between China and the UK, with two-thirds of British companies choosing Shanghai to establish their China headquarters.

"It is believed that both Shanghai and London would benefit from the two countries' strengthened cooperation in the capital market connectivity, the development of British financial institutions in China, and the deepened collaboration in green finance," said Reeves.

According to Gong, Shanghai is an important bridge of exchanges and cooperation between China and UK, which are two major economies of the world.

"We look forward to strengthening economic and trade exchanges, industrial investment, financial opening-up and technological innovation cooperation between the two sides, and warmly welcome British companies to participate in this year's CIIE and expand their investment in Shanghai in the fields including clean energy, advanced manufacturing, medical and health care, among others," Gong said.

Reeves said the China-UK Economic and Financial Dialogue has achieved fruitful results. Looking forward, more cooperation will be conducted in more areas to catapult the bi-lateral collaboration to a higher level, said Reeves.

"It is very important that after five years, this dialogue between the UK and the Chinese government is resuming, because the world needs China, and China needs the world. I think that the UK is an excellent partner for the continuing integration of China with the rest of the world," said Jose Vinals, group chairman of UK-based banking group Standard Chartered.

"At a time, when we were all concerned about the potential for further fragmentation in the global trade and investment order, I think it's very important that two countries which think alike in terms of the relevance of open trade and open investment and financial connectivity, get together in order to foster this important cause," said Vinals, who has been a regular participant in the Economic and Finance Dialogue in the last three editions.

Vinals believes China and the UK have great similarities in this approach to open trade, investment and finance, and can complement well each other.

"China is the second-largest economy in the world, is a very thriving, innovative, technologically advanced economy. And the UK, it's a financial powerhouse, a leading international financial center with tremendous innovation as well important technology innovated sector. I think that by joining forces and complementing each other, this is helping to achieve both countries important outcomes going forward," he said.

According to the UK government policy paper on the UK-China Economic and Financial Dialogue published on Saturday, both sides believe that as permanent members of the UN Security Council, leading economies and financial powers, there is mutual benefit and strategic importance to maintain a durable, stable and respectful relationship.

"Both sides will strengthen communication on macroeconomic policies and support each other's endeavor to promote structural reform and economic growth; both sides agree on the importance of promoting secure and resilient growth and high-quality development; both sides will engage constructively on economic policies to provide certainty for business," said the paper.