Picture shows the Silk Road Economic Belt and the 21st Century Maritime Silk Road, collectively known as China's Belt and Road Initiative. (PHOTO / XINHUA)
BEIJING - The City
of London is a committed partner of China to support sustainable financing and
successful delivery of the Belt and Road Initiative (BRI), a top policymaker has
said recently.
London could contribute a lot when it comes to "unlocking potential and building capacity for the BRI," said Catherine McGuinness, City of London policy chair
As a leading global financial center with the breadth
and depth of a financial ecosystem, London could contribute a lot when it comes
to "unlocking potential and building capacity for the BRI," Catherine
McGuinness, City of London policy chair told Xinhua in an exclusive interview
here in Beijing.
"Infrastructure finance is something which the city
has an expertise in and is dealing all the time, so when we come to the big
vision of infrastructure project across the world, as a partner working
alongside China, I feel London has a great deal to offer," McGuinness said.
During her stay in Beijing, McGuinness unveiled a report on London's
"footprints" along the Belt and Road, illustrating how firms from the British
financial and professional service sector including Standard Chartered, HSBC,
Linklaters are involved in the initiative.
As the natural Western end
of the BRI, with its mature capital market, qualified professionals, London
could support the initiative as a hub for crowding in capital, giving advice on
project engineering, providing financing solutions, offering expertise in
structuring complex transactions and managing risk, among others, she said.
READ MORE: Opening-up to 'benefit UK, the world'
Meanwhile, collaborations between Britain and China on BRI could extend
beyond borders into third countries. The Islamic Finance, a thriving service in
London, could contribute as many Islamic countries along the Belt and Road will
need it for project financing, she said.
Together, London and its
Chinese partners are exploring new technologies, tools and initiatives to power
the green BRI and sustainable development, with green finance and fintech
innovation as top examples, she said.
China's gradual reforms and
opening up over the past four decades have already made tremendous achievements,
and the latest developments gave clear signals that China is committed to
further open up and embrace the world, she said.
Looking forward, she
said new chances emerge with China's latest steps to further opening up its
economy to foreign investment.
The China Banking and Insurance
Regulatory Commission announced in late April that the country will allow
foreign-funded banks to conduct business such as the underwriting of government
bonds, and will lift foreign ownership limits on domestic banks and financial
asset management firms.
Britain was "very excited" to see such
developments and welcome the Shanghai-London stock connect, which could be in
operation by the end of the year, McGuinness said, hailing it as an innovative
way to bring two-way investment opportunities. The successful operation of it
will make "a good model for others to follow."
"It is a positive moment
for UK-China relations and we've seen some companies already taking advantages
of these new rules," she said. JP Morgan, for instance, became the latest
foreign firm to apply to set up a majority ownership securities firm in China.
To see the larger picture, the world has entered "a challenging time,"
with some countries moving away from free trade and globalization, she noted.
The Brexit did bring in a short-term period of turbulence to her country, yet it
gave it "new energy and commitment" to focus on China.
The British
financial sector is enthusiastic to foster closer links between the City of
London and China, and to ensure the sustainability of the BRI, she said.
The golden era in Britain-China relations will shine even brighter in
the future, she concluded.
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