Standard Chartered has in recent times opened an additional branch in Beijing. NatWest, Barclays and Flemings all operate in China. And, more recently, British insurance companies have begun to establish themselves in Mainland China. All these presences show that UK financial institutions have a strong interest to work with China and help China in its development. Many of them have acquired valuable experience of working in the region through their sizeable presence in Hong Kong over many years.
Chinese institutions are also well represented in London.
The Bank of China has had a London branch since 1929, and in addition established a subsidiary, Bank of China International, in January 1997. Four other commercial banks from China and the People's Bank of China have representative offices in London. The People's Insurance Company of China is active in the UK insurance market. These increasingly close commercial links are supported by growing regulatory co-operation. Indeed my main aim today is to underline the strong institutional and regulatory links which now exist between our two countries.