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April 24, 2019

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Switzerland, China to join on B&R

Switzerland is expected to sign a memorandum of understanding with China focusing on finance and trade cooperation in third markets under the Belt and Road Initiative, Swiss President Ueli Maurer said in Shanghai yesterday.

Maurer, leading a top-level finance and business delegation, will attend the second Belt and Road Forum for International Cooperation in Beijing, which opens tomorrow.

“The MOU will strengthen cooperation between Switzerland and China, providing know-how in sophisticated financial services mastered by Switzerland for the Belt and Road Initiative,” Maurer said.

The aim of the MOU is for both parties to intensify cooperation on trade, investment and project financing in third markets along the routes of the Belt and Road Initiative countries and regions, based on a catalogue of basic principles for cooperation and in line with international standards and legislation in the countries concerned, according to a statement by the Swiss consulate in Shanghai.

Details will be published later.

Shanghai was the first stop for Maurer, who was invited by Chinese President Xi Jinping for a state visit. After arriving yesterday morning, Maurer visited some financial institutions including the Shanghai Stock Exchange, the China Pacific Insurance Group and the Pudong Development Bank. He also attended a fintech forum hosted by swissnex China — the Swiss science consulate — and the Fanhai International School of Finance under the Fudan University.

At the Shanghai Stock Exchange, Maurer witnessed the signing of an MOU for cooperation between the Shanghai bourse and its Swiss counterpart for a stock connect program. It may allow companies listed in either bourse to be traded on the other. But technical details must be studied further, said Romeo Lancher, president of financial service provider SIX Group AG.

Meeting with Shanghai Party Secretary Li Qiang, Maurer said he expected practical and effective cooperation with China. And as an international metropolis, Shanghai can play an important role.


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