Premier Li Keqiang met British Chancellor of the Exchequer George Osborne who came to attend the 7th China-UK Economic and Financial Dialogue in Beijing on Sept 21.

Li said China and the United Kingdom are both important countries with global influence and the coordination of macroeconomic policies and economic and finance cooperation will contribute to the stability of the global financial market as well as to the recovery of world economy. Li said he hopes China and the UK will uphold to the policies of opening-up and win-win strategy to exploit third party market while maintaining existing cooperation, adding new content to Sino-UK’s inclusive development partnership.

Premier Li Keqiang makes a point to British Chancellor of the Exchequer George Osborne, Sept 21, 2015. [Photo/Xinhua]

Li said the Chinese government has taken steps to stabilize the turbulence in Chinese stock market in recent and prevented possible systematic risks. He said China’s pledge to carry out financial reform will not be changed or halted. He said China will stick to the market-oriented, law-abiding principle and balance the relations between the market and the government to make a transparent, stable and healthy capital market.

Li said the reason for China to make a change to the central parity of the renminbi against the US dollar to better reflect market conditions, there is no basis for further depreciation of the Chinese yuan and a currency war does not conform to China’s consistent stand. He said China sees highly of the UK’s initiative to become the first among the western countries to issue renminbi sovereign bonds, and China hopes the UK will continue to support China’s application to join the Special Drawing Right of the International Monetary Fund to materialize the internationalization of the Chinese yuan.

Premier Li Keqiang and British Chancellor of the Exchequer George Osborne, second left, and officials meet in Beijing, Sept 21, 2015. [Photo/ China News Service]

Osborne said the UK is glad to see that previous agreements between the two countries have been carried out gradually and the country is willing to expand mutual investment and plan more major projects with China to make the UK China’s “best partner in the West”. He said the UK supports China’s move to join the SDR and he hopes to make London an offshore renminbi center. He said the UK appreciates the efforts made by Chinese government to deepen reforms and it is confident to China’s future economic development.