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.

For a long time, the UK has toed the US line on economic, trade and industrial policies with regard to China, affecting bilateral cooperation. China has always hoped that the UK, as an important player in the world, can frame its policies, especially with regard to China, without being influenced by the US.

The decisions taken at the latest Dialogue, if effectively implemented, will promote broader practical cooperation between China and the UK, inject new impetus into bilateral relations, and add new dynamism to the lackluster world economic growth.