Expert on China’s market economy status

Mark Boleat, Policy Chairman of the City of London Corporation, one of the most powerful financial markets institutions in Europe, said “there is no doubt that Chinese should be given market economy status.”

SOUNDBITE: MARK BOLEAT, Policy Chairman of the City of London Corporation
“China is moving towards Market Economy Status. We are seeing a whole load of reform that are opening up the Chinese economy. So, it is a question of when and not if China has Market Economy Status.”

China has in response said that the non-binding resolution by the EU parliament is not legally effective.

China has offered a stable and reliable market and abundant jobs for the bloc.

And China hopes the EU can view China’s development objectively, respect World Trade Organization rules and deliver on its WTO obligations.

Boleat also praised the growing momentum behind the internationalization of the Chinese currency the Renminbi.

He pointed to the issue of a Chinese government Renminbi bond in London’s financial markets as evidence of continued progress towards internationalization.

SOUNDBITE: MARK BOLEAT, Policy chairman of the City of London Corporation
“Great progress on the internationalization of the RMB, London is the largest offshore center in the Western Hemisphere for RMB clearing; we have seen a big increase in the volume of business. And only today at the London Stock Exchange we have had the launch of a Chinese government RMB bond – the first issue of such a security outside China and that again is just an indication of what sort of progress we are seeing in the internationalization of what is now a really important currency.”

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