In the evening of November 20, 2007, H.E. Mme. Ambassador Fu Ying attended Opening Ceremony of the Bank of China (UK) Limited held in the Mansion House,residence of Lord Mayor of the City of London.
Fu Ying first expressed congratulations to the founding of Bank of China (UK) Limited on the founding of its U.K. subsidiary. She pointed out that the inspiration of the Bank of China's logo comes from a round shaped coin with a square in the middle, currency of Qin Dynasty, which symbolizes the ancient belief that the land was square like a chess board and the sky was round like a dome. According to ancient Chinese philosophy, "man is integral part of nature", that is to say the square and round could encircle each other. Therefore in the universe, between the heaven and earth, things should add and complement each other. By taking this ancient coin as its logo, the Bank of China is rooting itself in the philosophical thinking of harmony, serveing society and general public and has made outstanding achievements in its history of 78 years.
Fu Ying introduced that "the Currency War" is the bestseller in China this year with more than 600,000 copies sold in two months, which shows the interest of people in finance.
The first chapter of the book is about how the Mayor Rothschild's five sons built the financial kingdom in Europe in the early 19th century. Interestingly enough, at about the same time, a merchant in Shanxi established a local private bank for money exchange and transfer with the ambition to achieve "Universal Clearance". Though going through twists and turns, Chinese financial industry gradually grew. The Bank of China was established in 1912 and set up its London agency in 1929, Chinese first overseas financial institution, turning the first page of china's financial institution going abroad. It was indeed a bold move given the fact that the world was seeing its first economy recession and China was in the middle of Civil War.
The Chinese financial industry has stridden forward nowadays. China now hosts 200 branches and 14 corporations of 74 foreign banks from 22 countries and there are 47 Chinese banking units, 31 branches and 12 representative offices in 29 foreign countries and regions. The founding of the Bank of China (UK) Limited shows the direction and force of modern Chinese financial sectors and capital to going abroad and positions itself ahead of time and make determined progresses.
Fu Ying denoted the 17th CPC Congress put forward the idea of promoting sound and rapid development of national economy. It is a small change to put "sound" before "rapid", but the meaning is far-reaching, showing that China will accelerate the transformation of the economic development pattern. Correspondingly, the report of the 17th CPC Congress put forward a series of guidelines and policies for deepening financial restructuring including optimizing the structure of capital market, raising the proportion of direct financing through multiple channels, strengthening financial supervision, forestalling and defusing financial risks, improving the RMB exchange rates regime and gradually making the RMB convertible under capital accounts.
Fu Ying denoted financial cooperation is an important part of Sino-UK comprehensive strategic partnership, the two sides have set up Financial Dialogue and the financial sectors of both countries have actively carrying out strategic cooperation. UK has obvious advantages in financial services and its financial products have a strong competitiveness. In 2006, the British financial services export to China increased by 60% and became a highlight of Sino-UK economic cooperation. China is increasing its export of service products and encourages Chinese enterprises to get listed or carry out M&A in UK. British Prime Minister Brown will be present at the China-UK Business Summit during his visit to China early next year. These will bring more opportunities to business circles, especially financial sectors of both countries.
The speech of Fu Ying received warm applauses from the attendants. Madame Zhang Yanling, Deputy President of Bank of China, Ge Qi, General Manager of the Bank of China (UK) Limited, David Lewis, Lord Mayor of city of London, and Sir Tom Mckillop, Chairman of Royal Bank of Scotland, attended the ceremony and presided over the inauguration ceremony of Bank of China (UK) Limited.
Bank of China (UK) Limited was registered in UK on October 15, 2007 with a registered capital of 200 million pounds. It is a wholly-owned subsidiary of the Bank of China.