Chinese bank branch in London shows China’s confidence in a post-Brexit UK, says Ambassador

2018 is an important year for China, says Ambassador Liu Xiaoming. From the banks of the Huangpu River in Shanghai to the banks of the Thames in London there’s a new banking option in London.

Ambassador Liu Xiaoming addresses the crowd [Photo: Chinese Embassy]

Speaking at the opening of the Pudong Development Bank’s London Branch, the first branch ever opened outside of Asia, Chinese Ambassador Liu Xiaoming said that this year will start to see the implementation of the blueprint created at the 19th Party Congress.

The Ambassador also said that Chinese banks were interested in London because it’s “a world financial centre, with an open and transparent legal environment, easy market access and global reach in financial services”. He went on to say that these qualities have attracted the Pudong Development Bank and many other Chinese banks to London.

Theresa May's visit to China last week, helped both countries build on what they are calling the "Golden Era" of China-UK relations. During the visit, the leaders of the two countries reached important new agreements on economic, trade and financial cooperation. Both sides said they will continue to support their banks in expanding business in each other's country. And the two sides will also continue to encourage banks to carry out cross-border cooperation.

This year also marks the 40th anniversary of the reform and opening up of China. Ambassador Liu Xiaoming said that the Chinese government reaffirmed that the country will never close its door to the world, and that moving forwards China will open up on all fronts.

At the end of his speech, the Ambassador noted that it will soon be Chinese New Year and this year is the Year of the Dog. In Chinese culture, the dog stands for loyalty, courage and diligence. “All of these are the finest qualities highly valued in the business community”, he said.