UK told of 'China opportunities'

The Belt and Road Initiative offers huge opportunities to Britain's financial sector, said Liu Xiaoming, China's ambassador to the United Kingdom.

Chinese ambassador to the UK Liu Xiaoming

"The China opportunities are knocking," Liu said during a City Week 2017 speech in London on Friday.

His speech detailed the four areas where most of the opportunities will come.

The first－financial integration－is the highlight of China-United Kingdom cooperation, and one of the five key elements of the Belt and Road Initiative, he said.

Liu said the UK has rich experience in international finance and boasts mature management expertise and close financial ties with many countries in the area covered by the Belt and Road Initiative. He said the initiative requires cooperation in investment and financing and will need many services.

"As Belt and Road partners accelerate innovative financial cooperation with others, China and Britain can tap into the potential of financial cooperation with these countries."

The ambassador said the second area in which opportunities will arise is in the continued opening-up of the Chinese markets, particularly the financial services market, the lowering of the threshold for foreign investment, improved facilitation, and ensuring a quality business environment for fair and open competition.

"Based on such cooperation, we can work together to play a leading role in advancing development of green finance, FinTech, financial inclusion and so on," he said.

The third area is within the "golden era" of bilateral ties. The fourth area in which Britain's financial companies should look for opportunities is in the internationalization of the RMB. Liu said the International Monetary Fund's approval of its inclusion in the Special Drawing Right basket marks a deeper integration of the Chinese economy into the global economic and financial system.

He suggested the two countries speed up the building of the RMB of shore market in London, create more financial products, and expand financial trading, as well as strengthen links between financial markets and expand cooperation on RMB internationalization.