Ambassador Liu talking with Jörg Gasser, Swiss State Secretary for International Finance at the Federal Department of Finance (middle)

On April 23, Ambassador Liu Xiaoming was invited to attend the City Week 2018 at the Guildhall, London and delivered a keynote speech entitled Harvest More "Golden Fruits" for China and UK through Open and Inclusive Cooperation on Belt and Road Initiative. The City Week activities focused on the prospect of the Belt and Road cooperation between China and the UK, during which the Forum of One Belt One Road as a vehicle for developing the China-UK relationship was organized. Over 600 people were present, including the Rt Hon. Dr Liam Fox, Secretary of State for International Trade, John Glen MP, Economic Secretary to the Treasury and City Minister, Jörg Gasser, State Secretary for International Finance, Federal Department of Finance in Switzerland, François Villeroy de Galhau, Governor of the Banque de France, Sam Woods, Deputy Governor for Prudential Regulation, Bank of England, the London diplomatic corps, members of the Board of theCityUK and representatives from business and finance sectors.

Ambassador Liu delivering a speech

Ambassador Liu said in his speech that this year marks the fifth anniversary of the Belt and Road Initiative (BRI) proposed by President Xi Jinping. Five years on, the initiative has delivered fruitful results with its full vitality. It is a road to peace and development, a road to greater openness in China, a road to win-win cooperation and a road to closer exchanges between civilizations. It is a testament to China's continued efforts to promote world peace and uphold the international order. It shows that China will remain committed to its fundamental national policy of opening up and pursue development with its doors wide open. It will facilitate globalization in a more inclusive and universally beneficial way and promote exchanges and understanding between cultures and civilizations.

The Ambassador noted that in recent years, as the China-UK "Golden Era" continues to make progress, the "Golden Era" and the BRI cooperation have become mutually reinforcing. China-UK "Golden Era" has laid a solid foundation for deepening BRI cooperation, while such cooperation has enriched the "Golden Era". In the coming 15 years, China will open up its market further to provide more opportunities for foreign investors to enter China's big market. This November, China will hold the first International Expo in Shanghai, which represents China's solid step to advance Belt and Road development and open up its market further. The Ambassador extended his welcome to British government and businesses to join the Expo to introduce British goods and services to China and the world.

Ambassador Liu pointed out that there is a bright future and promising prospect for China-UK cooperation on the BRI. He shared the three suggestions for China-UK cooperation on BRI. First, the two sides should make financial services a new "growth point". Second, the two sides should establish a "firm anchor" for BRI cooperation with win-win projects. Third, the two sides should oppose protectionism and stay true to BRI's "basic principles" of openness and inclusiveness.

Ambassador Liu said, "Here I want to emphasize that protectionism never solves any problem. There is no winner in a trade war. China firmly opposes a trade war, but China is not afraid of a trade war. When China took counter-measures against the US protectionist measures, we were safeguarding not only our own legitimate rights and interests but also the interests of the world. In doing so, we are defending the rules-based international trade regime."

"Under the current circumstances, it is all the more important that China and the UK stay true to open and inclusive principles advocated by BRI and voice our clear opposition to protectionism. By enhancing our cooperation under the Belt and Road Initiative, we can make new contribution to building an open world economy."

Secretary Fox delivering a speech

Secretary Fox said in his speech that "the robust performance of the UK economy continues to defy the gloomier forecasts". Last year, the UK's remarkable export performance has seen "the current account deficit narrow significantly". More venture capital in tech came to London, last year than the whole of Germany, France, Spain and Ireland combined. Last year also saw the UK become "a net investor abroad". All the achievements can be attributed to the UK's advanced trade and the depth of Britain's professional infrastructure in financial services. They are the jewel in the crown of the UK economy. The UK's ambition is to become the "world's foremost champion of free trade" and to lead the way on trade in services liberalization, using all of its economic and diplomatic influence to remove barriers, open up new markets, and spread prosperity to every corner of the globe. After the referendum, an independent trade policy is infinitely adaptable. The UK will build stronger links with the markets of the developing world, like China and other emerging economies, keep its leading position in finance, education and cultural industry, and develop emerging industries, such as digital economy, financial technology and high-tech manufacturing.

Fox said, "We want the financial services industry at our side, using your knowledge, expertise and experience to help shape this country's trade policy, and our place in the world."

The participants at the Forum said that the Ambassador's comprehensive and in-depth presentation about the Belt and Road Initiative and China-UK relations enhanced their understanding of the BRI and their confidence in the prospects of China-UK relations. British business and financial leaders expressed their readiness to seize the historical opportunities brought by the Belt and Road Initiative to deepen the pragmatic cooperation between the two countries, and deliver more substantive results to China-UK "Golden Era". The participants expressed their support for Ambassador Liu's position against trade protectionism and believed that the international community should jointly defend the rules-based international trade system.