Cooperation to be enhanced in sci-tech research, focus on digital economy, AI
Shanghai is looking to explore new opportunities presented by the successful China-UK Economic and Financial Dialogue to further strengthen collaboration with the United Kingdom and achieve higher-level mutual benefit, according to officials.
Chinese Vice-Premier He Lifeng and the UK's Chancellor of the Exchequer Rachel Reeves concluded the China-UK Economic and Financial Dialogue in Beijing on Saturday.
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"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.
It is hoped that the joint efforts in achieving high-quality development will benefit the people of Shanghai as well as the UK, Gong said.
Reeves said Shanghai plays an important role in the 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 capital market connectivity, the development of British financial institutions in China, and deepened collaboration in green finance," Reeves said.
According to Gong, Shanghai is an important bridge for exchanges and cooperation between China and the 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 China International Import Expo and expand their investment in Shanghai in fields including clean energy, advanced manufacturing, medical and healthcare, among others," Gong said.
Reeves said the China-UK Economic and Financial Dialogue has achieved fruitful results. Looking forward, cooperation will be conducted in more areas to take the bilateral collaboration to a higher level.
"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 China-UK Economic and Financial Dialogue for the last three editions.
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Vinals said he believes China and the UK have great similarities in their approach to open trade, investment and finance, and can complement each other.
"China is the second-largest economy in the world, and it is a very thriving, innovative, technologically advanced economy. The UK is a financial powerhouse, a leading international financial center with tremendous innovation as well as an important technology innovating sector. I think that by joining forces and complementing each other, this is helping both countries to achieve important outcomes going forward," he said.
According to the UK government policy paper on the dialogue published on Saturday, both sides believe that as permanent members of the United Nations Security Council, leading economies and financial powers, there is mutual benefit and strategic importance in maintaining 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," according to the paper.
