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:
- future UK-China bilateral relationship
- the UK as a destination for Chinese investors
- opening of the Chinese market to UK-based financial and related professional services
- London as a hub for offshore Chinese Yuan/renminbi, green finance, FinTech and infrastructure activity, including the Belt and Road Initiative (BRI)
- opportunities for mutual understanding and knowledge-sharing
- deepening of networks between Chinese and UK business and policymakers.
Support for the annual UK-China Economic and Financial Dialogue (EFD) and delivery of the related UK-China Financial Services Summit for business in June 2019. This included participation from Chancellor of the Exchequer the Rt. Hon. Philip Hammond, Chinese Vice-Premier Hu Chunhua, TheCityUK Chairman Mark Tucker and TheCityUK Chief Executive Officer Miles Celic, as well as members of the MAG and its Chinese counterpart body. Key issues discussed included the BRI, savings and demographics, financial risk and operational resilience, green finance, FinTech and public-private partnerships.
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.
For more information about our China work programme please contact us.