CDB, The City UK forge comprehensive cooperation

The China Development Bank Corporation (CDB) and The City UK signed a memorandum of understanding Tuesday to set about comprehensive cooperation in promoting Sino-British economic ties.

The document was signed in the presence of visiting Chinese Premier Li Keqiang and British Prime Minister David Cameron at the Foreign Office in London.[Special coverage]

The two sides agreed to work together in supporting CDB to expand its financing and lending activity in Britain, including in infrastructure related investment, a statement released after the signing ceremony said.

Both parties will work to build awareness and understanding of the role of the Chinese currency RMB in supporting China-Britain and global cross-border investment.

The agreement also aims to promote more comprehensive Sino-British cooperation in RMB related and other business.

"This is a ground-breaking agreement which will help deepen and grow the existing strong relations enjoyed between the financial and related professional services industry of our two countries," The City UK Chairman Gerry Grimstone said.

Noting that London is one of the world's financial centers, CDB President Zheng Zhijie said it is important that the bank expands its operations in the city, considering its "future funding requirements and investment opportunities in infrastructure."

CDB, a joint stock bank wholly-owned by the Chinese government, is primarily responsible for funding large-scale infrastructure, social development and international cooperation projects.

"It is very good for both China and the UK that CDB intends to expand significantly its operations in London. CDB has been instrumental in powering China's economic development policies," Grimstone said.

Chris Cummings, CEO of The City UK, said: "This is an important strategic initiative which will help take The City UK's partnership with Chinese decision makers to a higher level."