Statement by Government of the People's Republic of China & Government of the United Kingdom of Great Britain and Northern Ireland 17 June 2014
I. At the invitation of the Rt Hon David Cameron MP, Prime Minister of the United Kingdom of Great Britain and Northern Ireland, H.E. Premier Li Keqiang of the State Council of the People’s Republic of China paid an official visit to the UK from 16 to 19 June 2014 and held the Annual Prime Ministers’ Meeting. The two sides had in-depth discussions on bilateral relations, practical cooperation in various fields and international and regional issues of mutual interest. Both sides underlined that since the establishment of the China-UK comprehensive strategic partnership ten years ago, bilateral relations have made significant progress, with frequent political exchanges and substantial cooperation in economics, trade, education, climate change and energy, science, technology and culture. As P5 members, both sides believe that deepening China-UK relations is not only in the fundamental interests of both countries but is also conducive to maintaining world peace and stability. They agreed to work together to push forward bilateral cooperation in growth, reform and innovation.
II.As such the UK and China have agreed that their comprehensive, strategic partnership has become an indispensable element of each other’s foreign policy agendas. As comprehensive strategic partners, China and the UK view each other’s development as important opportunities. Both sides agreed to increase high-level visits in order to guide the development of bilateral relations. Both sides spoke highly of the important role of high-level exchange mechanisms, including the Annual Prime Ministers’ Meeting, Economic and Financial Dialogue (EFD), High-Level People-to-People Dialogue and Strategic Dialogue, and agreed to further enrich their formats and contents. Both sides agreed to hold the sixth round of the Economic and Financial Dialogue in the middle of September this year in the UK.
III. Both sides agreed that reform and innovation are of high significance to the economic and social development of a country. The UK side takes note of decisions taken during the 3rd Plenum of the 18th CPC Central Committee in November 2013 regarding comprehensively deepening reform, supports China’s efforts in deepening economic structural reform to have the market play a decisive role in resource allocation and promote sustained, sound economic and social development. Both sides will designate relevant think tanks in co-hosting the China-UK Reform and Innovation Forum.
IV. Both sides are committed to an open global economy, trade liberalisation and stand ready to expand economic and trade cooperation and promote development in each other’s markets. They renewed their commitment to the joint target of $100 billion by 2015.
V. Both sides stressed the importance of mutual investment in promoting respective long-term economic growth and employment and spoke highly of the MOU on Strengthening Bilateral Investment Cooperation signed by China’s National Development and Reform Commission and the UK’s Department of Business, Innovation and Skills. The MOU on Establishment of a Working Group on Investment Promotion under the Framework of China-UK Joint Commission signed by China’s Ministry of Commerce and the UK’s Department of Business, Innovation and Skills aims at promoting mutual investment, providing a favorable external environment for business investment from the other party and maintaining policy continuity to protect the interests of foreign investors. The Chinese side encourages and supports capable Chinese companies to invest in the UK, which will in turn support the expansion of Chinese companies in other advanced markets and the UK side recognises Chinese companies’ increasing investment in the UK in recent years, and welcomes their continuous investment in infrastructure sectors such as transportation and energy, particularly nuclear, high-speed rail, offshore wind power and photovoltaic projects.
VI. Both sides recognised the complementary skills and expertise of both countries in delivering affordable, efficient and sustainable infrastructure, and welcomed progress in working together. Both sides agreed to establish a strategic partnership on infrastructure and committed to working together to support further collaboration between UK and Chinese companies, on more projects.
VII. Both governments agreed that energy collaboration was a key pillar of the bilateral relationship. This collaboration supports the clean and low carbon energy transition and is conducive to affordable and secure energy supplies for the future. In this regard, both sides welcomed the cooperation on civil nuclear energy and signing of a joint statement on civil nuclear power. Both sides welcomed Chinese and UK companies’ participation in civil energy projects in each other’s country. The UK welcomed Chinese investment and progressive participation in the construction of new build nuclear energy projects in the UK, and was open to Chinese companies leading the development of other nuclear power station site(s) in the UK and the potential deployment of Chinese reactor technology in the UK, subject to meeting the stringent requirements of the UK’s independent regulators. Both countries recognised that companies entering into the UK through partnership would be in the best position later to maximise the growing opportunities that will be on offer in the UK nuclear market. Both sides stand ready to work together to ensure the success of Hinkley Point as soon as possible. Both sides welcomed the signing of an agreement to collaborate further in the field of nuclear fuel supply-chain and agreed to work together to strengthen cooperation in areas including waste treatment and decommissioning.
VIII. Both sides agreed to promote substantive co-operation between the UK and China on rail (including high-speed rail), in areas including design, engineering, construction, supply operation and maintenance, on projects in China and the UK. To this end both sides welcomed the MOU on Collaboration in the Field of Rail Transportation.
IX. Both sides will strengthen concrete cooperation in offshore wind power technology, installation standards and financing mechanisms and jointly consider establishing a training center for offshore wind power technologies according to the MOU between China and the UK on Offshore Wind Power Cooperation.
X. Both sides welcome a greater role of RMB in international trade and investment and the establishment of an RMB clearing bank in London. The UK regulatory authorities have agreed to consider applications from Chinese banks to set up branches for wholesale business in the UK; the UK also encourages Chinese companies to issue RMB-denominated bonds at the London Stock Exchange. Both sides welcome the strong growth of London’s RMB markets, making London one of the most active RMB centres in the world, and stand ready to work together to strengthen it. Both sides welcome direct transaction between RMB and Pound Sterling in their respective foreign exchange markets.