9th UK- China Economic and Financial Dialogue held in Beijing

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China's Vice Premier Ma Kai and the UK Chancellor of the Exchequer Phillip Hammond concluded the ninth UK- China Economic and Financial Dialogue in December 2017. The two sides reached a number of agreements in various areas.

The UK has signed a " Contribution Agreement" with ASIA Infrastructure Investment Bank, formalizing its commitment to provide 50 million US dollars to the AIIB's special Fund for Project Preparation, matching China's commitment of the same amount.

On infrastructure and energy, the two counties agreed to facilitate the construction of the Hinkley Point C project. They will continue to promote China's participation in the UK's high-speed railway 2 and deepen cooperation in multiple areas including railway construction, design and equipment supply.

In addition, they agreed to further expand air traffic rights arrangements by increasing the capacity entitlement to 150 flights per week between China and UK.

China Vice Premier Ma Kai speaking at the ninth UK- China Economic and Financial Dialogue on December 2017./ CGTN Photo‍

On the front of RMB internationalization, the two countries agree to host a jointly U.K.- China RMB International Dialogue in London next year to promote London's premier role as a Western Hub for the Chinese yuan and encourage greater use of the yuan in the international market.

Both sides welcomed the proposal for a bilateral UK- China investment fund with an initial round of one billion US dollars, to further promote the cooperation under China's Belt and Road Initiative. It will invest in innovative, sustainable and consumption-driven growth opportunities in the U.K., China and third markets to create employment and boost trade links.

The two sides agreed to strengthen the pragmatic cooperation on infrastructure, connection, equipment manufacturing under the Belt and Road Initiative, including "jointly implementing the Belt and Road Financing Guiding Principle, and actively promoting investment, financing and project cooperation," said China's Vice Premier Ma Kai.

The UK Chancellor of the Exchequer also addressed the topic.

"China and UK have very close fit, in developing Belt and Road Infrastructure projects, which China huge manufacturing and construction capabilities, and has huge capital available, while U.K. has great expertise in project finance, the legal skills required to put together internationally financeable infrastructure projects, and project management."