Chinese Premier Li Keqiang (L) and British Chancellor of the Exchequer George Osborne attend the UK-China Financial Forum in London, capital of Britain, June 18, 2014. (Xinhua/Li Tao)
Visiting Chinese Premier Li Keqiang said here Wednesday that China and Britain will work together to lift the bilateral financial cooperation to a new height.
Li made this remark during a speeh at the Britain-China Financial Forum, co-hosted by the People's Bank of China and British Finance Ministry.
In recent years, both countries have seen a closer and more accelerating collaboration in financial sector, which has become a spotlight of the mutual cooperation between the two countries, said the premier.
London has become one of the most important offshore RMB markets outside Asia, Li noted.
By setting up a RMB clearing bank, the two countries realized direct trade between RMB and the Great British pound (GBP), which is conducive to completing the market infrastructure, reducing transaction costs and exchange risks, and facilitating the development of mutual investment and trade, said Li.
Li noted that China will deepen its financial reform and opening up, remove unreasonable policy barriers, and provide necessary and fundamental services for the financial and economic collaboration and development at home and abroad.
Meanwhile, China is accelerating the interest rate liberalization reform, expanding the floating range of RMB's exchange rate, and easing threshold for private capital into the financial industry, said Li.
"China will also further expand the opening up in service sectors, including the financial sector," added Li.
Li stressed that the two financial industries are highly complementary and embracing new cooperation opportunities.
He hoped the two sides could further strengthen communication based on the spirit of openness, mutual benefit, practicability and cooperation, promote bilateral financial cooperation and inject strong impetus to the comprehensive strategic partnership between China and Britain.
For his part, George Osborne, Britain's Chancellor of the Exchequer, said in his speech that financial cooperation is an important part of China-Britain cooperation, which has already achieved positive progress in recent years.
By setting up RMB clearing bank in London and initiating RMB-GBP direct trading, the two countries could boost their financial cooperation to a new height, and greatly promote bilateral trade and investment cooperation, said the chancellor.
Britain is willing to further enhance the cooperation with China and expect RMB to play a greater role in the international monetary system, he said.
The Chinese premier is in London for an official visit to Britain. His ongoing two-nation Europe tour will also take him to Greece.
China-Britain economic bond growing closer: Premier Li
The economic and trade relationship between China and Britain is growing ever closer thanks to the series of cooperation deals they have just signed, visiting Chinese Premier Li Keqiang said here Tuesday.
Speaking at a gathering of Chinese and British business elite, Li told the some 600 attendants that during his official visit to Britain, the two sides inked a host of agreements on mutually beneficial cooperation.
Firstly, he said, China and Britain agreed to boost cooperation in nuclear power and high-speed rail, combining China's enormous market and advantageous equipment with Britain's advanced technology and innovative strength to realize joint creation and joint exploration of third markets.
Secondly, they agreed to beef up financial cooperation, said Li, referring to the establishment of London's first RMB clearing bank and the start of direct trading between the two countries' currencies.
That will not only consolidate London's status as an international financial hub but promote the internationalization of RMB as well as the liberalization and facilitation of trade and investment, added the premier.
Thirdly, they agreed to expand people-to-people exchanges, he said, adding that China welcomes Britain's simplification of the visa application process for Chinese visitors and hopes to host more British investors, students and tourists.
Such exchanges, he said, will further cement the public support for the development of the China-Britain relationship, which -- particularly the economic dimension of it -- is characterized by mutual benefit.
As representatives of Eastern and Western culture, civilization and wisdom, China and Britain should be partners for common growth and inclusive development and jointly work for a brighter future, said Li.
Also speaking at the event, Chancellor of the Exchequer George Osborne said China's reform and opening-up policy has cast far-reaching influence upon the world and effectively promoted the development of China-Britain relations.
Noting that Li's visit has yielded fruitful achievements, he said the establishment of an RMB clearing bank in London will remarkably rev up bilateral financial cooperation and infuse fresh vigor into China-Britain practical cooperation.
Britain, he said, stands ready to work with China to further expand bilateral trade and investment and tap into third markets.
The Chinese premier is in London for an official visit to Britain. His ongoing two-nation Europe tour will also take him to Greece.