UK must embrace China's Belt and Road Initiative, Standard Chartered chairman says

Britain must grasp the opportunities offered by the One Belt, One Road Initiative, which is a game-changer for China, according to Sir John Peace, chairman of Standard Chartered Bank.

Writing in today's Daily Telegraph, Peace said his bank, which has operated continuously in China since 1858, estimated that official financing for Belt and Road Initiative could exceed $1 trillion over the next decade.

Britain, he wrote, is already leading the way in supporting the internationalisation of the renminbi, and more could be done.

"The British government has already indicated its support for the Asian Infrastructure Investment Bank," he wrote, adding that China has already announced $46 billion in investments and credit lines in a planned China-Pakistan economic corridor, as well as construction deals in Africa worth a combined $5.5 billion, both Belt and Road Initiative projects.

"As these countries benefit from the infrastructure investment, Britain should be poised to take advantage … it is not only financial services, but a range of British businesses that should invest in Belt and Road Initiative, harnessing our expertise in public-private partnerships, engineering and supply chains," Peace said.

He referred to almost 40 billion pounds worth of contracts signed between Britain and China last week during President Xi Jinping's four-day state visit, which he described as a landmark occasion in China-UK relationships.

"But we need to ensure that when the fanfare is over, it leaves a lasting legacy. Alongside crucial support for making the renminbi international, Belt and Road Initiative offers an intriguing and compelling vision for China's future as an economic powerhouse, and the opportunity for the UK to participate in future global success," he concluded.

To contact the reporter: chris@mail.chinadailyuk.com