Chinese Vice-Premier Ma Kai recently visited the UK, where he co-chaired the 6th U.K.-China Economic and Financial Dialogue (EFD) with Chancellor of the Exchequer George Osborne.
Key outcomes during Vice Premier Ma’s visit included:
Banking and financial services
- U.K. announcement of its intention to issue RMB-denominated sovereign debt in London
- Successful issuance of an RMB 2 billion bond by the China Development Bank
- Announcement by China Construction Bank of its intention to issue debt in London
- Agreement that the U.K. will be included as a destination for investment when China launches the RMB Qualified Domestic Institutional Investor (RQDII)
- Industrial and Construction Bank of China was granted approval by the Prudential Regulatory Authority to receive a branch licence. It will be the first Chinese bank to open a U.K. bank branch in over 50 years.
- CBI member Lloyd’s of London was granted a licence to open a Beijing branch.
- Harvest Fund Management announced the opening of a U.K. office, its first foray into Europe.
- China Development Bank will establish a representative office in London.
- A new initiative to refund the cost of 25,000 visas, via tour operators, to those booking on UK tours in China.
- The U.K. announced an exemption from the need for transit visas for official Chinese tour groups travelling through U.K. airports to Schengen countries.
- 20 Chevening Scholarships for Chinese students to study arts and creative subjects at top U.K. universities.
- A programme of cooperation between museums with plans to kick-off a range of activities to mark the 400th anniversary of Shakespeare’s death in 2016. 2015 is designated as the Year of U.K.- China Cultural Exchange.
- China Hainan Airlines to open new direct flight between Beijing and Manchester.
- Reignwood acquired Wentworth Club for £135 million.
- Heythorpe and CITIC Guoan Investment Memorandum of Understanding (MOU) to develop a series of elderly care homes and vocational training schools in Beijing, worth £200 million.
- CBI member Mott MacDonald and Chinese partner won a rail construction supervision project in Northeast China worth £3 million to Mott MacDonald.
Please click here to read HM Treasury’s full overview of the U.K.-China 6th Economic and Financial Dialogue and surrounding events.