China-UK dialogue outcomes will enable them to reboot relationship

The 69 outcomes reached at the 11th China-UK Economic and Financial Dialogue are expected to place the development of Sino-UK relations on a more sound footing.

At the dialogue on Saturday, the two sides expressed their common willingness to uphold multilateralism and economic globalization, and stay committed to maintaining the rules-based multilateral trading system with the World Trade Organization at its core. At a time of rising protectionism and ever-intensifying attempts by the United States to promote de-globalization, "de-risking" and the building of "small yards with high fences", such a consensus between China and the United Kingdom will help maintain the safety, stability and smooth flow of global industry and supply chains.

The two sides agreed to create a fair, just and nondiscriminatory business environment, expand two-way trade and investment, strengthen cooperation on fiscal policies and financial regulation, promote two-way opening-up and connectivity of financial markets, and deepen cooperation on the Shanghai-London Stock Connect. China agreed to issue its first renminbi-denominated green sovereign bond in 2025 and list it in London. While supporting the development of new renminbi-denominated financial products by UK-Chinese financial institutions, supporting the development of London's offshore RMB market and promoting RMB payment and settlement in London, the two sides also agreed to establish a new working group to combat financial crimes, and strengthen policy cooperation to combat illicit cross-border financial flows and reduce the impact of illicit financial flow on the two countries.