Company News
The Company signed the important strategic cooperation agreement with Standard Chartered Bank (China) at the Fourth UK-China Economic and Financial Dialogue.
October 18, 2011
London September 8 (Xinhua) (journalists Wang Yahong and Zhang Yuenan) China’s vice-premier Wang Qishan of the State Council chaired the Fourth UK-China Economic and Financial Dialogue together with the UK financial minister Osborne on September 8, 2011. The two sides promised to intensify the cooperation in such fields as the finance, trade, investment, basic facilities, green developments and global economic governance through strengthening the macro economic policy coordination; drive the UK-China mutually beneficial relationship in the economy, finance and trade; facilitate the revive of the global economy. The two sides reached the following policy results at the Dialogue:
People’s Bank of China and Bank of UK hoped to further intensify the cooperation between the both sides, consolidate the achieved results and explore the new fields for teamwork. The central banks of the two countries agreed to set up the specified dialogue to share the experience and the new ideas about macro prudential policy.
They expressed their welcome to the established powerful two-side supervision relationship between UK Financial Services Authority and China’s Bank Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission. In addition, they promised to go on intensifying the cooperation. To implement the policy results of the Third UK-China Economic and Financial Dialogue, China’s Bank Regulatory Commission and UK Financial Services Authority strengthened the continuous cooperation relationship through the two-side supervision dialogue system. The content of the Dialogue included the pressure testing, liquidity regulation and supervision along with the cross-border control. As the regular system of the policy communication, China’s Bank Regulatory Commission and UK Financial Services Authority hoped to further carry out the type of annual two-side dialogue.
The side of UK welcomed China’s financial institutions running business in UK according to the separate control and approval of the UK financial supervision departments, while the side of China allowed the UK financial institutions fitting with the conditions expanding the business in China.
(1) UK BUPA Group (BUPA) applied to enter into the market of China’s Commercial Health Insurance, which is under evaluation by China's Insurance Regulatory Commission at present.
(2) Standard Chartered Bank (China) signed a strategic cooperation agreement with Heilongjiang United Oil & Chemicals CO., LTD (“HUOC”) and offered USD 0.9 billion as the trade credit thereto, thus supporting the trade and capital market business of HUOC.
(3) Agricultural Bank of China applied to set up a subsidiary in UK, which is under evaluation by the UK Financial Services Authority at present.
(4) The UK Financial Services Authority has agreed the Communications Bank of China to establish a subsidiary in UK recently.
The two sides welcomed the interest of the private sectors in developing Renminbi off-shore market of London and the latest development thereof. The two sides agreed to monitor the futuristic progress, support the development of the market and solve the possible risk in the financial stability through attending the two-side dialogue and communicating with other authorities when necessary. The two sides thought it would facilitate the implementation of the dialogue through developing a united cooperation project, which the private sectors could attend aiming at boosting to develop the Renminbi-denominated financial products and services; analysis and discussion were included therein about the demand-and-supply resources as well as the potential control cooperation field.
At the same time, website of UK Ministry of Finance http://www.hm-treasury.gov.uk/int_ukchina_remarks.htm and UK Trade & Investment Website www.ukti.gov.uk also reported this.
People’s Bank of China and Bank of UK hoped to further intensify the cooperation between the both sides, consolidate the achieved results and explore the new fields for teamwork. The central banks of the two countries agreed to set up the specified dialogue to share the experience and the new ideas about macro prudential policy.
They expressed their welcome to the established powerful two-side supervision relationship between UK Financial Services Authority and China’s Bank Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission. In addition, they promised to go on intensifying the cooperation. To implement the policy results of the Third UK-China Economic and Financial Dialogue, China’s Bank Regulatory Commission and UK Financial Services Authority strengthened the continuous cooperation relationship through the two-side supervision dialogue system. The content of the Dialogue included the pressure testing, liquidity regulation and supervision along with the cross-border control. As the regular system of the policy communication, China’s Bank Regulatory Commission and UK Financial Services Authority hoped to further carry out the type of annual two-side dialogue.
The side of UK welcomed China’s financial institutions running business in UK according to the separate control and approval of the UK financial supervision departments, while the side of China allowed the UK financial institutions fitting with the conditions expanding the business in China.
(1) UK BUPA Group (BUPA) applied to enter into the market of China’s Commercial Health Insurance, which is under evaluation by China's Insurance Regulatory Commission at present.
(2) Standard Chartered Bank (China) signed a strategic cooperation agreement with Heilongjiang United Oil & Chemicals CO., LTD (“HUOC”) and offered USD 0.9 billion as the trade credit thereto, thus supporting the trade and capital market business of HUOC.
(3) Agricultural Bank of China applied to set up a subsidiary in UK, which is under evaluation by the UK Financial Services Authority at present.
(4) The UK Financial Services Authority has agreed the Communications Bank of China to establish a subsidiary in UK recently.
The two sides welcomed the interest of the private sectors in developing Renminbi off-shore market of London and the latest development thereof. The two sides agreed to monitor the futuristic progress, support the development of the market and solve the possible risk in the financial stability through attending the two-side dialogue and communicating with other authorities when necessary. The two sides thought it would facilitate the implementation of the dialogue through developing a united cooperation project, which the private sectors could attend aiming at boosting to develop the Renminbi-denominated financial products and services; analysis and discussion were included therein about the demand-and-supply resources as well as the potential control cooperation field.
At the same time, website of UK Ministry of Finance http://www.hm-treasury.gov.uk/int_ukchina_remarks.htm and UK Trade & Investment Website www.ukti.gov.uk also reported this.
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Heilongjiang United Oil & Chemicals Co., Ltd.
Add.:16/F, A Tower, Haishangyinzuo Building, NO. 6 Shanghai Street, Daoli Dist., Harbin China