UK Sides With EU's WTO Obligations, as China, UK Prepare for Shanghai-London Stock Connect
Yicai Global
/SOURCE : Yicai
UK Sides With EU's WTO Obligations, as China, UK Prepare for Shanghai-London Stock Connect

(Yicai Global) Nov. 11 -- The Chinese Ministry of Finance (MOF) released conclusions reached during the 8th China-UK Economic and Financial Dialogue. The UK supports the EU in meeting its World Trade Organization (WTO) obligations during anti-dumping investigations, including obligations set forth in Article 15 of the Agreement on China's Accession to the WTO. The two countries agreed to carry out studies and preparations regarding operational systems related to the Shanghai-London Stock Connect program.

Vice Premier of the Chinese State Council Ma Kai and British Finance Minister Philip Hammond hosted the 8th China-UK Economic and Financial Dialogue in London on Nov. 10, 2016.

The China Insurance Regulatory Commission (CIRC) welcomes and encourages qualified British insurance companies to apply for licenses and develop relevant businesses in the Chinese market by setting up exclusively 'foreign-owned' companies or Sino-British joint ventures in China, and will positively consider the application of Heng An Standard Life for an old age insurance business license. The two parties pledge to support green bond issues by Chinese financial institutions and companies -- as well as other green financial products in the UK -- and to encourage British and international organizations to issue green bonds and conduct green investments in China.

Per Article 15 of the Agreement on China's Accession to the WTO, anti-dumping and countervailing investigations may be conducted based on prices of similar products in a "surrogate country," rather than the actual costs in China. However, this article is only in force for 15 years, and should expire unconditionally on Dec. 11, 2016.

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