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Li Keqiang Meets with First Secretary of State and Chancellor of the Exchequer George Osborne of UK
2015-09-25 23:58

On the afternoon of September 21, 2015, Premier Li Keqiang met at Ziguangge of Zhongnanhai with First Secretary of State and Chancellor of the Exchequer George Osborne of the UK who was in China to attend the 7th China-UK Economic and Financial Dialogue.

Li Keqiang expressed that China and the UK, as major countries with global influence, will play a positive role in safeguarding financial stability and promoting global economic recovery under the current circumstances by strengthening macro-policy coordination and economic and financial cooperation. It is hoped that China and the UK will, in an open, win-win and pioneering spirit, actively develop cooperation in the third-party market on the basis of enhancing bilateral cooperation, so as to bring new connotations to bilateral partnership featuring common growth and inclusive development.

Li Keqiang pointed out that not long ago, the Chinese stock market underwent unusual fluctuations and relevant departments of the Chinese government immediately took measures to stabilize the market and thus prevented possible systematic risks. The general direction of continuously deepening Chinese financial industry will not change and its pace will not stop but proceed in an orderly manner. China will adhere to the principle of marketization and the rule of law, properly handle the relationship between government and market, strengthen system construction, enhance supervision efficiency and actively foster a capital market featuring openness, transparency, long-term stability and sound development.

Li Keqiang stressed that the purpose of China to improve the middle rate quotation mechanism of the RMB exchange rate is to further marketize its forming mechanism. RMB lacks the foundation of constant depreciation and China will never advocate currency war. China appreciates the UK for taking the lead among developed countries in issuing RMB sovereign bonds and hopes the UK can continue to actively support inclusion of RMB into the Special Drawing Rights (SDR) basket under current International Monetary Fund (IMF) standard, so as to diversify the international currency system and stabilize the international financial market.

George Osborne noted that the UK is glad to see the constant implementation of bilateral consensus in enhancing cooperation and will further expand mutual investment and major project cooperation so that the UK can become "the best partner" of China in western countries. The UK supports the IMF quota reform and the inclusion of RMB into the SDR and hopes to advance the integration of bilateral financial markets to make London an offshore center for RMB. The UK appreciates the efforts of the Chinese government in deepening reform and expanding opening up, and stays confident for the prospect of China's economic development.

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