On 9 September 2024, H.E. Ambassador Zheng Zeguang attended and delivered remarks at the reception for the 95th anniversary of the Bank of China London Branch.
Ambassador Zheng congratulated the Bank of China London Branch on its remarkable achievements in the 95 years since its establishment, and commended the BOC's contributions in connecting China and the UK.
Ambassador Zheng pointed out in his remarks that when the BOC started its London office, China was a poor country, suffering from foreign aggression. After a long and arduous struggle, the Chinese people won their liberation and national independence, and established the People’s Republic of China. Over the past 75 years since then, China has achieved the “two miracles” of rapid economic development and long-term social stability under the leadership of the Communist Party of China, and has become the world's largest manufacturer and exporter of goods, and the second biggest economy in the world. Now the Chinese people are going all out for national rejuvenation through Chinese modernisation.
Ambassador Zheng pointed out that in the face of an uncertain world and various challenges, the Chinese government has rolled out a series of measures since the beginning of this year, focusing on accelerating the development of new quality productive forces, cultivating new industries and drivers of growth, expanding domestic demand, further promoting high-standard opening up, and ensuring the healthy development of the real estate sector. On 8 September, China released its 2024 version of the negative list for foreign investment access effective from 1 November this year, which is shortened from 31 to 29 items, removing all restrictions in the manufacturing sector. In addition, the new round of comprehensive reform, set out at the third plenum of the 20th CPC Central Committee, will surely unleash stronger social creativity and development momentum and create new opportunities for countries across the world including the UK.
Ambassador Zheng pointed out that the Western media has been keen to paint a pessimistic picture of China’s development, and some people with ulterior motives are using fluctuations in China’s economy to make insinuation against China’s political system. Their narrative cannot be more absurd. Whatever challenges there might be, China is determined to achieve its economic and social targets, and will continue to be the strongest driver for global growth and the green and low-carbon transition of the world.
Ambassador Zheng noted that the Beijing Summit of the Forum on China-Africa Cooperation successfully held recently had brought together the leaders of China, 53 African countries and 30 international and regional organisations. President Xi Jinping announced ten partnership actions that China will take with Africa to help advance modernisation on the continent in the next three years, for which China will provide 360 billion yuan of financial support. China will continue to spearhead faster modernisation of the Global South with concrete actions rather than pay lip service as some countries do.
Ambassador Zheng stressed that China-UK trade has exceeded 100 billion pounds for some years now, and two-way investment stock is close to 50 billion pounds. Facts have fully proved that China-UK economic and trade cooperation not only benefits the two countries, but also has positive impact on the global economy. China hopes that the two sides will work in the same direction, and act on the important common understanding reached between President Xi Jinping and Prime Minister Keir Starmer in their recent phone call, respect each other, enhance engagement and dialogue, expand practical cooperation, and support people-to-people exchanges in an effort to jointly bring the bilateral relationship to the right track of steady development. It is hoped that BOC and the Chinese and British business communities will continue to be a catalyst and bridge-builder for China- UK cooperation.
Ge Haijiao, Chairman of Bank of China, Dame Caroline Wilson DCMG, British Ambassador to China, Christopher Hayward, Chairman of the Policy and Resources Committee of the City of London, Richard Knox, Director of International Financial Services at HM Treasury, Sir Douglas Flint CBE, Chairman of ABRDN, and Fang Wenjian, General Manager of the Bank of China London Branch delivered remarks, and about 200 Chinese and British politicians and businesspeople attended the reception.
