"Written on the front" on October 18, in the United Kingdom on a State visit before China XI Jinping told Reuters in an interview. About "Hu Tong", "Chinese enterprises ' participation United Kingdom nuclear power plants", "Asia Investment Bank", "China's slowing economic growth" and other economic issues.
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Q: is one of the financial centers of London. Whether as an offshore RMB trading centre, and in the future by implementing the "Hutong", London, hopes to play an important role in the development of financial markets in China. You think that in the development of modernization and globalization of financial markets in China, what role to play in London?
Answer: the past 37 years, especially in recent years, China's financial sector reform progress. China will continue to adopt various measures to promote financial reform and opening up, China's financial markets more responsive to the requirements of modernization and globalization of financial.
London is one of the world's financial centers, blood circulation is the world economy a major pumping station. Strengthening financial cooperation with London, is definitely a win-win option. Both started early, rapid development, financial cooperation and great potential, walking in the forefront of cooperation in various fields. In recent years, the two countries signed bilateral currency swap agreements, China set up the Renminbi clearing bank in London, United Kingdom became the first outside Asia Yuan was granted qualified foreign institutional investors to the initial amount of State, first issue of RMB sovereign bonds in Western countries, the first renminbi into foreign-exchange reserves of the major developed countries. This is one of the highlights of cooperation between the two sides.
London was officially launched as early as 2012 "its business plan." After several years of development, London has become the most dynamic and the most important trading center and one of the offshore RMB market. In 2014, the RMB and foreign exchange deals in London rose 143%, Renminbi deposits reached 20 billion yuan, an increase of 37%.
As long as the conditions are met, China will actively consider strengthening interconnection between the financial markets of the two countries. The unique advantage of London's financial sector can play in China play an active role in the development of modernization and globalization of financial markets.
Q: Chinese companies are likely to participate in the construction of nuclear power plants in the southwest of England. Earlier this year the Chinese Government announced that it will support Chinese enterprises in areas such as high-speed rail, nuclear power and other fields to expand overseas markets. Over the next decade, what you want to see the Chinese enterprises in the global market? Do you think Chinese companies to expand overseas markets will encounter resistance? Whether new trade friction will be? National subsidies the Chinese Government supports Chinese enterprises to expand overseas, fair to the other market players? Compliance with the objectives of China's developing market economy?
A: China continued to deepen, both opened the door of China in attracting foreign investment, including investment in Chinese enterprises to go abroad. This is an economy develops to a certain stage things must happen, but also things to grow. Major companies of the world are on that road.
China enterprise development benefited the world economy should be to contribute to the development of the world economy. China has become a manufacturing powerhouse of the world, highlighting the advantage is in the middle reach of the global industrial chain, high-speed rail, nuclear, automotive, a large number of industries and equipment in the international advanced level, cost-effective, and subject to a host of national need and capacity. China is willing to include the United Kingdom, to countries to carry out various forms of international capacity and equipment manufacturing cooperation, link up respective comparative advantages, and achieve joint development. Hinkley point nuclear power station project is a product of the Anglo-French tripartite cooperation, hopes the three enterprises into full play their respective advantages and ensure smooth implementation of the project for the benefit of United Kingdom people.
Foreign investment area encountered some friction and normal business. Any business and activities, both at home and abroad, there will always be this or that issue. Business is business, not conflicts that arise in the course of business enterprises in the politicized, not biased look at Chinese companies. Enterprises to compete, of course, no one would cede market competitors. We hope that this competition is healthy, in line with the laws of the market, rather than some non-market non-economic, "spring," "glass door". Comparison with large established companies in the world, Chinese enterprises still lack experience, in the adaptation of national legal systems, technical standards, marketing, personnel management, local culture and other aspects of capacity need to be constantly improved. In the fierce international competition, Chinese enterprises will learn a lot and will do better.
The Chinese Government supports enterprises to go global, but stressed the need to adhere to the enterprises as the main body, to be market-oriented. Government's role is to provide enterprises and create a favorable political environment and fair framework. This is something that Governments will do, but Western countries have done better than us. Even under the conditions of market economy, States will have a variety of support measures for enterprise development, cannot simply regard these as a State subsidy. System is different in China and Western countries, due to historical reasons, Chinese companies tend to do a lot of social functions, it is difficult to use a simple mathematical formula to calculate.
The next 10 years, China's foreign investment will continue to grow, the Agency estimates more than 1.25 trillion dollars, which would provide more opportunity for Sino-British co-operation. Enterprises of the two countries also strengthen tripartite cooperation in the developing world, upper, middle and lower reaches of global value chains together, share opportunities for development.
Q: the United Kingdom is the first application to join the Asian infrastructure investment bank of the European countries. China's commitment to Asia's infrastructure investment bank to operate transparently, and implement high standards of management. China will do to ensure that infrastructure investment banking operations in Asia a truly transparent and achieve world class management?
A: China lead Asian infrastructure investment bank, to promote infrastructure and connectivity in the region and deepen regional cooperation.
Asian Investment Bank is an international financial institution, its rules and regulations and operation to be decided by consultation among the Member States, is not a say in China. China endorsed the Asian Investment Bank drawing on existing experience and practice of multilateral development banks, in the governance structure, operational policies, human resources management adhere to the international standard, high standards and ensure a professional operation, efficient, transparent and honest. In the course of the Asian infrastructure investment agreement negotiations, 57 intention founding members of open, inclusive and professional, the principle of transparency, the quality of the text of the agreement reached, 53 founding members have signed an agreement of intent.
As far as I know, that the agreement in many ways builds on existing practices of the multilateral development banks, as well as breakthroughs and innovations. For example, on the governance structure, Asian Investment Bank in accordance with the practices of the multilateral development banks, set up three-tier management structure, Board of Directors and the management of the Council, based on transparency, openness, independence and accountability principles of banking supervision mechanism is established. Agreement expressly writes in "an open, transparent and merit" selection of management principles, is a different from the existing major multilateral development banks the innovations of the Constitution. For example, Asian Investment Bank project procurement for all countries in the world, not limited to the Member States, with a number of other regional multilateral development banks.
At present, the intention of founding member are in accordance with the provisions of the agreement and spirit of consultation to develop specific operational policies and regulations. Asian investment banks to cooperate with existing multilateral development banks is complementary, future in the knowledge-sharing, capacity-building, joint financing in active cooperation.
Positive assessment of China and the United Kingdom joined the Asian Investment Bank, willing to work with the intention of founding members, including British, Asian Investment Bank into a professional and efficient infrastructure investment and financing platform for Asia and make positive contributions to the cause of global development.
Q: size of China's economy and global influence is growing. Policymakers of the world increasingly needs to understand China's current economic situation. Chinese Government's economic growth target for this year is about 7%. However in the past few months, China's economic situation seems to be deteriorating. Many investors and economists believe this target is unlikely to be achieved, which caused great concern in global financial and commodities markets. Do you think the 7% aim to achieve? What measures the Chinese Government is ready to take the next step to prevent economic growth too slow? How to maintain China's financial market stability?
A: 7% China's economic growth in the first half of this year, in line with growth expectations for the year, is the world's fastest-growing major economy. A country's economic growth, there is such a normal, not only accelerating, not decelerating, this does not conform to the laws of economics. China's economic growth in the first half of 7%, is the economy realized on the basis of more than 10 trillion dollars, equivalent to a medium national GDP for the full year, bringing increment more than the double-digit growth of previous years.
China's close association with the international market, the global economy is generally weak, China cannot escape. Problems in China's economic development that worries us, we are to be resolved. We are also concerned about sluggish growth in the world economy, and this is detrimental to the development of States, particularly developing countries.
The historian Toynbee said, "challenge-response" is the important motive for the development of human civilization. China's economic development has entered a new norm, is going through the throes of transformation of old and new energy, but the fundamentals and stable development of the Chinese economy have not changed. China's new type industrialization, informatization, urbanization, and agricultural modernization, and strong demand in the domestic market, with great potential for economic development, flexibility and room for manoeuvre, structural reform is deepening, China's economic prospects are very bright.
China's overall steady growth, promoting reform, adjusting the structure, improve people's livelihood, risk prevention, strengthening and improving macro-control, improve the quality and efficiency of economic development, of addressing economic development in imbalances, lack of coordination and sustainability issues and pay more attention to innovation-driven, more dependent on consumption. China's utilization of overseas investment policies will not change, we will improve the commercial rule of law, protection of intellectual property rights, the promotion of fair competition. China will promote "along the way" construction, actively carry out international cooperation capacity, pulling together with the world economic growth in China.
In view of the recent changes in the domestic and international financial market situation, we have introduced reduced rate cut and improve the RMB exchange rate formation mechanism and a series of initiatives. At present, the market risk is considerable release, inner stability. Next, China will steadily push forward financial reform of marketization and the rule of law, fostering transparency and the long-term stable and healthy development of the capital market, improve risk management, stabilize market expectations, relaxation of restrictions on private capital into the financial sector, and better support the real economy.
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