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Ambassador Zheng Zeguang Attends and Addresses the Online Event Celebrating the 30th anniversary of China Construction Bank Overseas Establishment and the 60 Trillion Yuan Milestone of Aggregated RMB Clearing Volume
2021-12-10 23:24

On December 8, 2021, China Construction Bank (London) held an online celebration of the 30th anniversary of CCB’s overseas establishment and the 60 trillion yuan milestone of aggregated RMB clearing volume. Ambassador Zheng Zeguang attended and addressed the event on line. CCB Group Chairman Tian Guoli delivered a video speech and Lord Grimstone, Minister for Investment at Department for Internatioanl Trade and Department for Business, Energy and Industrial Strategy, Alderman Vincent Keaveny, Lord Mayor of London, Sir Douglas Flint, Standard Life Aberdeen also spoke at the event. About 500 people attended on line, including Mr Li Yun, CCB Vice President Lord Sassoon, Honorary Chairman of CBBC, Lord Peter Levene, former Lord Mayor of London, Sir Sherard Cowper-Coles, Chairman of CBBC, Mr Stephen Perry, Chairman of the 48 Group Club and Ms. Jin Mei, Head of the Representative Office of the People’s Bank of China. The event was presided over by Mr Yang Aimin, Chief Executive of CCB London.

Ambassador Zheng Zeguang delivered Remarks entitled New Starting Point, New Chapter.

Ambassador Zheng said that, “It is a real delight to join the online event celebrating the 30th anniversary of China Construction Bank overseas establishment and the milestone of having its aggregated RMB clearing volume exceeding 60 trillion yuan. On behalf of the Chinese Embassy in the UK, I would like to extend our warm congratulations to China Construction Bank and Group Chairman Tian Guoli!” Since establishing a representative office in London in 1991, China Construction Bank has upgraded its office and expanded its business here. Its London branch, becoming an RMB clearing bank seven years ago, has seen the RMB clearing volume surging all the time and now exceeding 60 trillion yuan. This is indeed a remarkable achievement. As an outstanding representative of Chinese banks and a responsible corporate citizen, CCB has not only played an important role in promoting China-UK financial cooperation but also made positive contribution to deeper understanding and friendship between the peoples of our two countries. This has won extensive recognition for CCB.

Ambassador Zheng pointed out that the achievements of CCB London branch is a reflection of the sustained and rapid development in China. The past three decades have witnessed China advancing reform, opening up wide and striving for modernisation. China has become the world’s second largest economy, largest manufacturer and largest trader in goods, with the largest foreign exchange reserve. Socialism with Chinese Characteristics has entered a new era. In face of the uncertainties of the lingering pandemic and sluggish global economic recovery, China is taking coordinated efforts to balance Covid-19 response with economic and social development, and will continue to lead the world in economic growth and maintain the strength and resilience of the industrial chain. Going forward, China will adhere to the principle of pursuing progress while ensuring stability, implement the new development philosophy fully, faithfully and completely, and accelerate the building of the new development paradigm. It will focus on macro stability and keep the economy operating within the reasonable range. There is reason to be fully confident in the prospects of development in China as country takes steady strides to achieve its development goals and continue to provide strong impetus for world peace, stability and prosperity.

Ambassador Zheng noted that at the Opening Ceremony of the fourth China International Import Expo (CIIE) last month, President Xi Jinping emphasized that China will not change its resolve to open wider at a high standard, its determination to share development opportunities with the rest of the world, and its commitment to an economic globalization that is more open, inclusive, balanced and beneficial for all. China’s financial sector is bound to open wider as we advance high-quality development and build a new development paradigm. Since 2018, over 50 measures for opening up the financial sector have been rolled out. The restrictions on foreign ownership in areas of banking, securities, funds, futures and life insurance have been completely lifted. Qualification requirements for foreign shareholders have been eased. National treatment has been given to foreign investors in credit reporting, rating and payment. And connectivity between capital markets has been deepened. By June 2020, the negative list for access to China’s financial sector had been canceled. In the same year, the first foreign-owned wealth management company and futures company, and the first wholly foreign-owned public fund management company, currency exchange company and insurance asset management company were opened in China successively. By June 2021, foreign entities held a total of 10.26 trillion yuan worth of financial assets in China in the form of RMB-denominated shares and bonds, which marked an increase of 42.8% year-on-year. As a next step, China will take the initiative to adapt to higher opening up standards in the world and open the financial market at a higher level based on the negative list. This will create a broader space of cooperation for global investors, including those from the UK. The Chinese Government is committed to fostering a market-based, law-based and open business environment. It is also hoped that the UK Government will continue to be a standard bearer of free trade and provide Chinese companies with a fair, just and non-discriminatory playing field.

Ambassador Zheng pointed out that the City of London is one of the world’s major financial centres. China is ready to develop long-term cooperation partnership with the City of London. Currently there are more than 40 Chinese financial institutions in the UK. The financial communities of the two countries should leverage their respective strengths, further expand cooperation in areas of green finance, FinTech, offshore RMB business and issuance of bonds. Such cooperation will provide powerful support for real economic cooperation and bring more tangible benefits to the peoples of both countries.

Ambassador Zheng quoted Confucius’ saying that “at 30, a man has established himself”. According to Chinese custom, sixty symbolizes a complete cycle and marks a new starting point. Once again extending congratulations on the achievements of China Construction Bank (London), the Ambassador expressed confidence that CCB London Branch will surely achieve greater success and reach new heights in its RMB clearing business.

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