12
November
2015
|
15:49
Europe/Amsterdam

Comment: City of London comments on China’s application to become a member of the European Bank for Reconstruction and Development

"China’s application to become a member of the European Bank for Reconstruction and Development (EBRD) demonstrates the strategic importance of European partners in China’s overseas development plans, especially in infrastructure investment. Given China’s economic power and its ongoing commitment to open its markets and become more integrated within the global financial system, it is natural that China should seek to build new levels of cooperation with important institutions such as the EBRD.”

“China’s membership of the EBRD could be a positive step that boosts bilateral trade ties between Asia and Europe and enhances the cooperation between EBRD and the AIIB. The EBRD, the headquarters of which are in the City of London, plays a vital role in delivering finance to projects in regions of the world that most need investment, and China’s involvement would no doubt be welcome. Further engagement between Europe and Asia to address infrastructure needs is key to fostering economic growth on both sides.”

“Building closer links with European-based institutions such as the EBRD is a logical step towards China’s plan for greater global economic integration and complementary to the One Belt One Road strategy and development of the Asia Infrastructure Investment Bank (AIIB), which as both the UK and Chinese governments reiterated during President Xi’s recent state visit, will help unlock countless opportunities for British and European firms when trading with Asia.”

--Mark Boleat, Policy Chairman of City of London Corporation