London,
30
June
2015
|
13:30
Europe/Amsterdam

City of London Policy Chairman strengthens financial links with China

Mark Boleat, Policy Chairman at the City of London Corporation, will be visiting Beijing and Shanghai early next Month (5–8 July) to build existing links and to discuss opportunities for future collaboration with China.

The purpose of this visit is to engage with Chinese regulators, government officials and key private sector stakeholders to maintain and nurture bilateral relations between the financial services sectors in the UK and China. A key part of this involves discussing recent reforms towards China’s market liberalisation, for which there is a great deal of support and enthusiasm in the UK.

Speaking ahead of his visit, Policy Chairman Mark Boleat said:

“The UK and China enjoy strong financial ties, supported by effective two-way dialogue and mutual recognition of the opportunities that financial partnership can bring to each market. My visit will demonstrate the City of London’s continued support for China’s endeavour to achieve greater financial liberalisation and global integration, including the facilitation of RMB internationalisation.

“During my visit I will highlight the benefits that international participation in the market can bring and the UK’s experiences in this sector, building on previous discussions such as on the contribution that the UK is playing in the development of the global RMB market and promoting two-way investment between the two countries.

 “Although it has been only a few months since my last visit there have been many new policies introduced and China has pushed forward with its reform agenda at an impressive rate - I am also looking forward to observing this reform first-hand, particularly in key areas such as capital markets, banking and regulation.”

During the 4-day programme the Policy Chairman will:

· Meet with CSRC, CBRC, PBoC and AMAC;

· In partnership with the EUCCC participate in an “Insight China” event along with key Chinese and international stakeholders including the IMF, deliver a keynote speech on RMB internationalisation;

· Visit Shanghai authorities and meet leading Chinese financial and professional institutions;

· Attend a roundtable meeting with BritCham Shanghai on Chinese investment into the UK;

· Meet with members of City of London Advisory Council for China and senior representative from financial industry;

As Policy Chairman, Mark Boleat leads on the City’s financial and professional services policy development, engaging with key financial players in the UK, Europe and across the world on policy issues affecting London as a key international financial centre.

FOR INTERVIEWS WITH MARK BOLEAT CONTACT JULIE ZHU ON THE DETAILS BELOW

Click here to read the press release and full report of London RMB business volumes 2014

NOTES TO EDITORS

  1. Media enquiriesJulie Zhu, Media Officer, City of London CorporationT 020 7332 3451 / M 07912 041 124E julie.zhu@cityoflondon.gov.uk
  2. About the City of London initiativeThe City of London initiative was launched on 18 April 2012. It aims to develop London’s position as the leading western hub for international renminbi (RMB) business - and boost the RMB’s wider international use for trade and investment. The initiative is facilitated by the City of London Corporation, and the current members are Agricultural Bank of China (UK), Australia and New Zealand Banking Group Limited (ANZ), Bank of China (UK), Bank of Communications (UK), Barclays, China Construction Bank (UK), Citi, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (UK), JPMorgan and Standard Chartered, with observers from HM Treasury, the Bank of England, and the Prudential Regulation Authority. The initiative seeks to provide leadership to the wider financial markets on technical, infrastructure and regulatory issues relating to the RMB product and services in London. It also advises HM Treasury on maximising London’s capacity to trade, clear and settle RMB and articulates practical next steps and long-term aims for the further development of the RMB market in London. Additionally, the group advises HM Treasury and other UK authorities on any financial stability concerns members may perceive. More information is at www.cityoflondon.gov.uk/renminbi
  3. About the City of London CorporationThe City of London Corporation is a uniquely diverse organisation. It supports and promotes the City as the world leader in international finance and business services and provides local services and policing for those working in, living in and visiting the Square Mile. It also provides valued services to London and the nation.
  4. The City of London Corporation and ChinaThe City of London Corporation has long recognised the critical importance of China to the UK-based financial services industry. The rapid growth of the Chinese economy brings a demand for international financial services - both to provide capital, risk management and expertise for companies as they expand - and to meet the needs of its growing middle classes, in areas such as savings products, pensions, insurance and wealth management. An important part of the City of London Corporation’s work is to help UK-based firms to access the Chinese market, and to promote a genuinely two-way exchange of trade and investment in financial and professional services. The City of London Corporation engages with the Chinese leadership, regional governments and with Chinese firms to position the City as China’s partner of choice in the provision of financial services, and the UK as a location of choice for Chinese overseas investments. The City of London Corporation’s engagement with China is guided by the City of London Advisory Council for China, a group of senior Chinese financial sector leaders. The Council provides a formal structure for engagement with Chinese financial services firms at a senior level, and expert guidance and advice on the Chinese market. The Council guides the City of London Corporation’s China strategy, and the work of the City of London representative offices in Beijing and Shanghai. For more information, please visit www.cityoflondon.gov.uk/china