... China is also planning to push forward financial cooperation such as issuing short-term yuan debt in London, a first outside of China, and a feasibility study to link the Chinese stock market directly to the London stock exchange.
“The complementarity of the two countries’ economic structures has drawn China and the UK closer. En route to making the yuan a global reserve currency, Beijing has much to learn from London, which is a dominant force in global foreign exchange trading,” Wang Yiwei, director of the Institute of International Affairs at the Renmin University of China, told the Global Times on Tuesday.
He believes that the UK’s openness to Chinese investment in key areas such as energy and infrastructure, which often fall under protectionism in other countries, is crucial to economic cooperation between the two countries.
“The UK’s pragmatic approach to adopting a deal-by-deal negotiation model, rather than an all-encompassing and reciprocal treaty, is another reason that attracts Chinese investment,” Wang noted...
...The vast difference between the somewhat tense relations with the US and the warmth in Sino-UK ties has led media, such as the Financial Times, to believe that Xi’s trip marks “a divergence between London and Washington on a big issue for foreign policy.”
London also angered Washington with its unilateral decision to join the China-initiated Asia Infrastructure Investment Bank in March...
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