China, UK to enjoy deep cooperation beyond Brexit: business leaders

LONDON - China and the United Kingdom (UK) have maintained a close commercial relationship and will continue to enjoy deep cooperation beyond Brexit, said representatives at UK-China Business Leaders Forum held in London Tuesday.

"In recent years, China and the UK commercial relationship maintains a sound and steady momentum and has been a stabilizer and propeller of our bilateral relations," said Bao Ling, Minister Counselor for Economic & Commercial Affairs of the Chinese Embassy in the UK.

"Financial cooperation has always been an important part of the commercial relationship and achieved remarkable success," said Bao.

"The UK and China have enjoyed cooperation for many years. Our relationship is long-standing, time-tested and deeply trusted," said Alderman Peter Estlin, Lord Mayor of the City of London.

"Anyone doing business between China and the UK will notice our two countries fit together naturally and symbolically ... As China's opening up continues, we will both be well placed to help one another continue to grow," he added.

British Economic Secretary to the Treasury and City Minister John Glen noted that London is not and has never been a purely European financial center, but has always been a global center.

"The China-UK partnership is emblematic not only of our strengths in the world right now but also the opportunities that await the United Kingdom beyond Brexit," Glen said.

Representatives from Bank of England, the City of London Corporation, China Galaxy Securities, Webank and Refinitiv also shared their thoughts and information on China-UK cooperation.

According to the City of London, UK financial services exports to China totaled 340 million pounds ($411.4 million) in 2017, and imports from China were 55 million pounds ($66.5 million).

There are more than 100 RMB-denominated Dim Sum bonds listed on London Stock Exchange, valued near 30 billion yuan ($4.3 billion). UK companies held 3.7 billion pounds ($4.5 billion) of financial services FDI assets in China in 2017, the city said.