HISTORIC PRESS RELEASE : First UK-China Financial Dialogue Meeting – Chancellor Gordon Brown welcomes greater partnership in developing economic links with China [November 1998]

The press release issued by HM Treasury on 10 November 1998.

Following the first UK-China Financial Dialogue meeting today, Chancellor Gordon Brown and Chinese Finance Minister Xiang Huaicheng welcomed agreement on the need for further strengthening of prudential regulation and financial systems in emerging markets. They also agreed on the scope for greater partnership between the two countries in financial sector development and commercialisation of state owned enterprises in China.

Mr Brown said :

“I was very pleased to welcome Finance Minister Xiang and his colleagues to London for the first in a regular series of meetings between the Finance Ministries, Central Banks  and Financial Regulators of our two countries.

“China’s economic transformation over the past twenty years has been remarkable.  It is now amongst the largest economies in the world, and is increasingly becoming integrated into the world economy.  As such we clearly have a common interest in pursuing greater dialogue on financial and economic issues.

“Indeed, with one quarter of the world in recession, the ongoing world economic turmoil has highlighted more than ever before the very real interdependence of national  economies and financial structures in today’s globalised economy.  Both the UK and China  therefore have a clear mutual interest in seeing a positive resolution to both  short-term problems facing the world economy today, as well as the challenges for the longer term.

“The meeting today with Minister Xiang sets the ground for increased cooperation and partnership on all then economic and financial challenges that both our countries face.”