Inaugurated in 2022, the China Forum of the Official Monetary and Financial Institutions Forum (OMFIF) was held for the second year, with a stronger message of advanced cooperation in finance and business. The event, themed "Building Bridges: advancing China-UK economic relations for a sustainable future", gathered key government and private sector stakeholders and experts from both countries.

While giving a keynote speech, Chinese ambassador to the UK Zheng Zeguang said that it is imperative for China and the UK as well as the international world to build bridges for cooperation in a world full of change and turmoil.

The Chinese ambassador mentioned that China's economy is recovering in a steady and better way. While pursuing a high-quality development, the country has removed all restrictive measures on foreign investment in manufacturing in October.

China's GDP grew by 5.2 percent year-on-year during the first three quarters of 2023, and in the first 10 months, the total retail sales of consumer goods increased by 6.9 percent, while industrial added value grew by 4.1 percent. Meanwhile, as energy vehicles, lithium-ion batteries and photovoltaic products become the new top trump cards of Chinese exports, the total exports of the EV-related sectors expanded by 41.7 percent in the first three quarters.

The IMF has raised China's economic forecast for 2023 to 5.4 percent, and China is expected to generate about one-third of global growth this year.

Despite the conflict in Ukraine and the recent resurgent Palestinian-Israeli conflict, China has always stood on the side of peace and justice, knowing that development requires a sound and peaceful external environment and it will bring benefits to all sides and therefore support peace and development of the world as well, said Zheng.

The Chinese ambassador called on Chinese and the British members to develop the right perspective while at the same time respect each other and pursue mutually-beneficial cooperation.

Caroline Wilson, the British Ambassador to China, also delivered a keynote speech via video, expressing her hope that both countries can further their cooperation in the financial and business sector. She emphasizes that the Chinese market has provided great opportunities for the British companies, and both sides should walk towards the same direction in providing fair and open environment for mutual development.

The opening event was also followed by several panels about geopolitics and macroeconomics; strengthening trade relations, market access and sustainable investment between the two countries, as well as China-UK collaboration in financial services, where experts from both sides have shared their thoughts and inspirations.

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