Business / Markets

CDB, TheCityUK forge comprehensive cooperation

(Xinhua) Updated: 2014-06-19 11:10

LONDON - The China Development Bank Corporation (CDB) and TheCityUK signed a memorandum of understanding on Tuesday to set about comprehensive cooperation in promoting Sino-British economic ties.

The document was signed in the presence of visiting Chinese Premier Li Keqiang and British Prime Minister David Cameron at the Foreign Office in London.

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The two sides agreed to work together in supporting CDB to expand its financing and lending activity in Britain, including in infrastructure related investment, a statement released after the signing ceremony said.

Both parties will work to build awareness and understanding of the role of the Chinese currency yuan in supporting China-Britain and global cross-border investment.

The agreement also aims to promote more comprehensive Sino-British cooperation in yuan related and other business.

"This is a ground-breaking agreement which will help deepen and grow the existing strong relations enjoyed between the financial and related professional services industry of our two countries," TheCityUK Chairman Gerry Grimstone said.

Noting that London is one of the world's financial centers, CDB President Zheng Zhijie said it is important that the bank expands its operations in the city, considering its "future funding requirements and investment opportunities in infrastructure."

CDB, a joint stock bank wholly-owned by the Chinese government, is primarily responsible for funding large-scale infrastructure, social development and international cooperation projects.

"It is very good for both China and the UK that CDB intends to expand significantly its operations in London. CDB has been instrumental in powering China's economic development policies," Grimstone said.

Chris Cummings, CEO of TheCityUK, said: "This is an important strategic initiative which will help take TheCityUK's partnership with Chinese decision makers to a higher level."

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