New Shanghai-London Stock Connect benefits open global economy

Foreign Ministry Spokesman Lu Kang said on Tuesday the launch of the Shanghai-London Stock Connect has injected positive energy into efforts to advance the building of an open global economy against the backdrop of rising protectionism.

The connect, a two-way depository receipt mechanism that brings together one of the world's largest domestic capital markets — the Shanghai Stock Exchange — with one of the world's leading international markets — the London Stock Exchange — was launched in London on Monday.

It allows global investors to benefit from China's stable economic growth and ongoing reforms through London, while companies listed through the London Stock Exchange will be able to access Chinese investors directly through the stock connect.

Saying financial cooperation is one of the highlights of the Sino-British partnership, Lu stated that launching the connect is an important step to implement the outcomes of President Xi Jinping's state visit to the United Kingdom in 2015.

The spokesman said the connect is conducive to promoting the shared growth of the Chinese and British capital markets and conforms to the interests of both countries.

It also demonstrates again that China will never stop its pace in deepening reform and expanding opening-up, he said, adding the country will continue to firmly pursue a path of openness and development for mutual benefit and win-win results.