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Home > Ambassador Liu > Remarks
Remarks by H.E. Ambassador Liu Xiaoming at the Opening Ceremony of Shanghai Pudong Development Bank London Branch: Make Greater Contribution to China-UK Financial Cooperation
Drapers' Hall, London, 6 February 2018
2018/02/07

Chairman Gao Guofu,

Lord Mayer Alderman Charles Bowman,

Minister of State Mark Field,

Ladies and Gentlemen:

Four days ago in Shanghai, I had the honor to accompany Prime Minister May to unveil the plaque of the Shanghai Pudong Development Bank London Branch. If I have it right, this was the first time that a British prime minister ever unveiled the plaque of the London Branch of a Chinese bank.

Today, it is a great pleasure to join you at the opening of the Pudong Development Bank London Branch. May I first of all express my warmest congratulations!

Time flies! More than four years have passed since I attended the opening of the London Representative Office of the Pudong Development Bank. From the bank of the Huangpu River in Shanghai to the bank of the Thames in London, the Pudong Development Bank has now taken root, begun to grow and proudly borne fruits. This is achieved within just four short years!

On 18 December 2017, the Pudong Development Bank got the go-ahead from the Prudential Regulatory Authority of the UK to set up a branch in London.

  • This is the Pudong Development Bank's first branch outside Asia.
  • It is a joyous occasion for China-UK financial cooperation.
  • And it is a "golden fruit" of the China-UK "Golden Era".

I think the significance of the opening of the Pudong Development Bank London Branch is three-fold.

First, it shows that Chinese banks are taking important steps and moving fast to build up international presence.

London is a world financial centre, with an open and transparent legal environment, easy market access and global reach in financial services. These are the qualities that have attracted the Pudong Development Bank and many other Chinese banks to London.

In recent years, the Pudong Development Bank has quickened its steps in exploring international business. It is vigorously devoted to financial innovation and has continuously built up its assets and strength.

Setting up a branch in London is an important step. This will help the Pudong Development Bank explore the global market, adapt to international standards and improve its competitiveness.

Looking ahead, we see great opportunities as the Belt and Road Initiative makes steady progress and RMB internationalization continues to accelerate. This will unveil broader prospects for Chinese banks to expand their international business.

Second, the opening of the Pudong Development Bank London Branch shows that China-UK financial cooperation is becoming ever deeper.

In the overall picture of China-UK cooperation, the financial services sector is an important part.

Prime Minister May's successful visit to China last week took China-UK "Golden Era" to a new level. During the visit, the leaders of our two countries reached important new agreement on economic, trade and financial cooperation.

  • The two sides will continue to support their banks in expanding business in each other's country.
  • And the two sides will also continue to encourage banks to carry out cross-border cooperation.

The opening of the Pudong Development Bank London Branch is the latest progress in this regard.

  • It is a boost to China-UK cross-border RMB business.
  • It underlines the unique role of London in RMB internationalization.
  • It highlights the confidence of the Chinese business community in the post-Brexit UK.
  • And it will inject new impetus to China-UK financial cooperation.

Third, the opening of the Pudong Development Bank London Branch shows that China is determined to deepen reform and open wider to the world.

2018 is an important year for China.

  • This year marks the 40th anniversary of China's reform and opening-up.
  • It is the opening year for the implementation of the blueprint outlined at the 19th Party Congress.

This Congress reaffirmed that China will never close its door to the world. China will open up on all fronts.

More Chinese companies will set up businesses overseas, including through merger and acquisition. This will create huge demand for financial services and require Chinese banks to develop overseas operation to meet that demand.

In the opposite direction, overseas branches of Chinese banks are also well positioned to provide services to foreign companies seeking to expand their business to China.

In a word, the internationalization of Chinese banks will help promote two-way trade and investment. This will in turn give China's reform and opening up a further push.

The opening of the Pudong Development Bank London Branch is a testament to China's determination to keep its door open and encourage two-way trade and investment with the world, including the UK. This is how China will strive to achieve high-quality growth at home and at the same time contribute to an open economy in the world.

Ladies and Gentlemen,

President Xi Jinping said, today's world is an open world, and today's China is an open China; the relationship between China and the rest of the world is undergoing historic changes.

The Pudong Development Bank has witnessed the historic changes in the relationship between China and the rest of the world. Since its establishment in 1993, the Pudong Development Bank has followed the trend of the times.

  • It has grown and become stronger.
  • In that process, it has become an example of the development of China-UK relations on all fronts.
  • And it is an active participant in the leapfrogging progress of China-UK financial cooperation.

China has entered a new era of development. China-UK "Golden Era" has ushered in a new stage.

New era opens up new prospects, and new stage promises new achievement.

I am convinced that the Pudong Development Bank will seize the new opportunities of the new era

  • To open up new fronts;
  • To achieve new success;
  • To make new contribution to China-UK financial cooperation.
  • And to bear more "golden fruits" for the China-UK "Golden Era".

In ten days time, we will celebrate the Chinese New Year and embrace the Year of the Dog. In the Chinese culture, dog stands for loyalty, courage and diligence. All of these are the finest qualities highly valued in the business community.

With these in mind, I wish you all good fortune in the New Year.

I wish the Pudong Development Bank London Branch a prosperous Year of the Dog!

Thank you!

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