THE head of Britain's largest-ever financial delegation to China yesterday urged closer co-operation between the mainland and the City of London.
Lord Alexander, chairman of British banking giant National Westminster, said in Beijing that there was optimism about China's economic prospects following the launch of its comprehensive package of economic reforms.
'This has seen the fiscal system being drastically overhauled, the foreign exchange system being unified, the banking system undergoing extensive reform and the economy opening to international competition as part of the process leading to @China's: application to join the General Agreement on Tariffs and Trade @GATT:.
'To date, the links which exist between China and Britain have enabled our economic relations to grow to mutual advantage. We believe that, by building upon these links and developing our co-operation to a much higher level, Britain can continue to play an important part in the further development of China's financial and banking market.' Lord Alexander and his delegation will be promoting Britain's export of financial and business services, or invisibles.
The British invisibles mission is part of a major British trade promotion entitled China '94, organised by the China-Britain Trade Group and involving more than 100 businessmen. It will also be visiting Shanghai and Shenzhen.
Lord Alexander said: 'What is important to all of us is that the prospect of growth should be for stable, sustained and non-inflationary growth. This enables sound long-term investment to be made.
