China, UK agree to upgrade economic, financial cooperation

China and the United Kingdom agreed to strengthen cooperation in macroeconomic, trade, investment and financial sectors at the fifth China-UK Economic and Financial Dialogue (EFD) held on Tuesday.

Chinese Vice Premier Ma Kai and the UK's Chancellor of the Exchequer George Osborne co-chaired the dialogue, according to a Foreign Ministry press release.

Ma called on the two sides to create new highlights of economic cooperation, deepen financial cooperation as well as improve coordination in major international economic and financial affairs so as to promote sustained and healthy development.

China welcomed the UK's commitment to provide favorable conditions for Chinese investment in British infrastructure, according to Ma, who urged the two sides to further make good use of the EFD in order to develop China-UK relations.

The UK welcomed China's actions to deepen reform and expand opening-up, Osborne said, adding that the UK is willing to strengthen international economic policy coordination with China under the G20.

The UK is ready to work with China to resist all forms of protectionism, according to Osborne.

Both sides will expand cooperation in civil nuclear energy, new generation IT technology, advanced materials, photovoltaic industry, high-tech services and other fields, the press release said.

China welcomed the UK's reaffirmation to encourage the European Union to recognize China's full market economy status, its agreement to promote and facilitate bilateral high-tech trade with China for civil end uses and civil end users, as well as its agreement to consider applications from Chinese Banks to establish branches in the UK.

The UK looks forward to China hosting a forthcoming G20 summit, it added.

Following the dialogue, Ma and Osborne witnessed a signing ceremony of a memorandum of understanding between the two sides on civil nuclear cooperation.