China, UK Agree To Develop Cooperation In Energy Sector

Published: 11-May-2009

By: Staff Writer Staff Writer Staff Writer

China and UK have decided to develop cooperation in energy sector, especially in nuclear, ocean, wind power and renewable energy, Zhu Guangyao, China’s assistant financial minister said. Zhu said that China and UK have signed a memorandum of understanding about cooperation in development of sustainable cities, and will select China's Wuhan and Chongqing, among other cities, as pilots.

Chinese Vice Premier Wang Qishan chaired the dialogue with U.K. Chancellor of Exchequer Alister Darling.

China and UK will also share experience in promoting green growth, Chinese Vice Premier Wang Qishan said.

Further agreements were reached on additional cooperation between financial authorities, and increasing bilateral trade and investment, Zhu said.

Qualified companies in China and UK will be allowed to list in both the country’s stock exchanges.

Zhu said, China agrees to allow qualified foreign companies, including U.K. companies, to list on its stock exchange through issuing shares or depository receipts in accordance with relevant prudential regulations.

Hu Xiaolian, director of State Administration of Foreign Exchange, said China will consider loosening control in foreign exchange of overseas companies which are allowed to list and trade in the domestic stock markets.

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