I wish to extend my warm congratulations on the opening of the London Branch of the Industrial and Commercial Bank of China – a successful cooperation between the largest commercial bank and the number one financial centre in the world.

The ICBC London Branch is the first branch of a Chinese commercial bank ever established in the UK since the founding of the People’s Republic of China. It is an important outcome of the China-UK Economic and Financial Dialogue and a major breakthrough in China-UK financial cooperation. Today’s opening is a milestone event for the financial communities of both countries that will surely give a strong boost to our cooperation in the economic and financial field.

The establishment of the ICBC London Branch is also a major step forward in the development of London as a centre for offshore Renminbi business. It will provide more diversified channels for RMB settlement in cross-border trade as well as investment and finance. This will make London more competitive as a major global financial centre.

Having a foothold in Britain marks a milestone in ICBC’s international business operation. It speaks volumes about the higher level of management and regulation of China’s banking sector. I do hope that other Chinese banks will catch up soon with more good news.

I wish ICBC London Branch an auspicious opening. And I wish China-UK financial cooperation continuous and gratifying outcomes.