Sun Ping, Vice President of China Eximbank, signed the MOU on Cooperation in the Field of Export Credits with Louis Taylor, Chief Executive of UK Export Finance (UKEF) on 17 June on the sidelines of the 10th UK-China Economic and Financial Dialogue.
The MOU was included in the deliverables of the 10th UK-China Economic and Financial Dialogue, according to which China Eximbank and UKEF will endeavor to facilitate trade and strengthen cooperation in a third market. In conformity with both institutions’ credit policy, priorities will be given to projects that involve companies from both countries and that are commercially, environmentally and socially feasible and sustainable. Financing models such as co-financing, syndicated loan and guarantee will be used to support cooperation in a third market, with special emphasis given to energy, infrastructure, and technological innovation sectors. The two parties will also strengthen personnel and information exchanges.
The trade volume between China and the UK has reached GBP68.5 billion and China has already become the 5th largest trading partner of the UK. In the past decade, export from the UK to China has doubled, making China the 6th largest market for the UK in the world. Currently, over 10,000 British enterprises sell goods and services to the Chinese market. During the dialogue this year, representatives from China and the UK had in-depth exchanges of views on topics such as the macroeconomic situation and global economic governance, trade, investment and cooperation on major projects, financial reform and financial markets development, and cooperation in strategic and emerging sectors. Altogether 69 mutually beneficial outcomes were achieved.
Established in 1919, UKEF is the world’s first official export credit agency. By signing the MOU and jointly promoting export credit projects, China Eximbank and the UKEF set a good example for deepening bilateral trade and producing mutually beneficial outcomes through cooperation. Going forward, both institutions will continue to explore opportunities in third markets, and provide financial support to projects implemented by both Chinese and British companies. By so doing, they will help promote economic and social development, better protect the environment, and improve the living standards so that fruits of China-UK cooperation will be fully enjoyed and shared.