The China Market Advisory Group (MAG) works to deepen financial and related professional services trade between the UK and China. It oversees all our China-related activity and is jointly run by TheCityUK, the China-Britain Business Council and the City of London Corporation.
The China MAG, chaired by Lord Sassoon, coordinates the UK financial and related professional services industry’s input to the annual HM Treasury-led UK-China Economic and Financial Dialogue.
Early work of TheCityUK included driving the highly influential project to provide ideas for China’s free trade zones, which is credited as having made a major contribution to building the bilateral relationship.
In 2016 the Chinese Vice-Premier and the Chancellor of the Exchequer launched the UK-China Financial Services Summit. The summit allows industry to put forward its views on policy issues to the two governments, and highlights practical opportunities for increasing trade and investment with China. The China MAG forms the UK side of the bilateral industry-led dialogue.
Our China work is closely aligned to our Liberalisation of Trade in Services (LOTIS) Committee. Through it we guide the industry’s objectives for trade and investment policy, including priorities for the UK’s bilateral trade and investment relationship with China post-Brexit.
Priorities of the China MAG:
Driving greater collaboration between businesses in the UK, Hong Kong, and China in areas of mutual interests, including green finance.
Joined a roundtable organised by the Department of Business and Trade with Shanghai Free Trade Zone officials, discussing key issues areas including transfer of data, legal reforms, and green transition.
Invited to partake in a World Alliance of International Financial Services delegation to the Asian Financial Forum in Hong Kong, offering a chance to strengthen relations with senior stakeholders, members in market, and key business associations.
An inaugural UK lead-up event for the Asian Infrastructure Investment Bank’s Annual Meeting, in partnership with the AIIB, HM Treasury and the European Bank for Reconstruction and Development.
Assessment for HM Treasury of the principal elements that the industry would wish to be included in establishing a Global Financial Partnership with Hong Kong.
Recent activities:
In January, in collaboration with the Hong Kong Financial Services Development Council (FSDC), and with support from the China-Britain Business Council and the British Chamber of Commerce in Hong Kong, we held a roundtable exploring opportunities for greater UK–Hong Kong collaboration and strengthen the bilateral financial services corridor.
In March, the China Market Advisory Group met to discuss the key outcomes from the Prime Minister’s visit to China in January, the associated follow-up actions, and preparations for the 12th UK–China Economic and Financial Dialogue (EFD).
In May, we began work with FSDC on a joint thought leadership report on cross-border digital finance, with a particular focus on tokenised deposits.
In June, the China Market Advisory Group Sherpas met to discuss the proposed format of the Financial Services Summit and the priority themes for private sector engagement during the EFD.
We continue to support the Department for Business and Trade’s feasibility study on a potential UK–China Trade in Services Agreement.
For more information about our China work programme please contact us.