International News

Beijing, Dec 16 (AFP/APP):China and Britain look forward to a “new period of historic opportunity” to deepen cooperation post-Brexit, officials said Saturday, as they accelerated plans to connect the London and Shanghai stock markets. Visiting British finance minister Philip Hammond has been cozying up to Beijing, with the relationship between the two countries growing in importance as the UK contemplates its economic future once it leaves the European Union in 2019. “Britain’s post-Brexit plans … have ushered in a new period of historic opportunity for China-UK pragmatic cooperation on economic development and trade”, Chinese vice premier Ma Kai told a press briefing, following discussions with Hammond and his accompanying trade delegation. The UK has said it will leave the EU’s single market and customs union so that it can strike its own trade deals with countries outside the bloc, making China — and its deep pockets — an attractive ally. Hammond announced that the two sides had sped up final preparations for a “stock connect” linking the London and Shanghai exchanges, and had agreed to examine the possibility of connecting their bond markets as well. Hammond added that the two countries planned to set up a new billion-dollar bilateral UK-China investment fund led in some capacity by former British prime minister David Cameron. They also agreed that the UK Export Finance agency would provide support of up to £25 billion ($33.3 billion) for new projects along China’s Belt and Road infrastructure corridor in Asia, he said. The agreements come as Frankfurt and Paris are jockeying with London to attract Chinese investments and supersede the British capital as a global financial centre