London office 'courageous decision'

Over the past 85 years, the fate of Bank of China's London Branch has been intertwined with China-UK political and economic relations.

In 1954, shortly following the ice-breaking visit by the well-known 48 Group Club to China for restoring China-UK trade relations, Bank of China's London Branch issued the letter of credit that facilitated the first trade deal after the visit between the two countries. And that deal marked a new page in the history of bilateral cooperation.

The total assets of our London branch have reached $60 billion, and the branch has about 2,000 corporate clients, 50,000 retail clients and 300 financial institutional clients. And the branch has created 400 jobs for the local community. Premier Li's visit marked a record in practical bilateral cooperation, and that provides huge opportunities for the branch to work with our clients for shared success and shared growth.

Ladies and gentlemen:

One ancient Chinese proverb says: "The favor of a drop of water from others should be returned with a burst of spring." In the 85-year history of the London Branch, when China was poor and weak, and Bank of China was just starting its journey, you here in the UK gave us your support, your help, your generosity, your understanding, your encouragement and your strong commitment to standing with Bank of China.

We remember all this with deepest gratitude.

Today, China is the world's second-largest economy and the largest trading nation, and Bank of China has grown into a much more important global player. It's time we repaid your kindness for being with us through all the ups and downs.

In the next five years, China will invest $500 billion abroad. Chinese corporations "going global" and the internationalization of RMB offer once-in-a-millennium strategic opportunities.

We're willing to work with you and share the fruits of China's rapid growth, to be your guide when you expand in China, to introduce more Chinese companies to do business in the UK and to cooperate with you.

Wherever you go across the globe, and whenever you need financial services, please remember that Bank of China is standing with you.

Thank you for listening.

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