UK, China aim to link stock markets

LONDON

China and the U.K. are looking to link up their stock exchanges, the British finance minister said Tuesday.

In a speech at the Shanghai Stock Exchange, George Osborne announced a potential tie-up with the London exchange, in which shares from both countries would be traded.

“I want the City of London to be the global partner of choice for China as it raises finance on international markets,” he said.

Osborne said he deliberately chose to come to the Shanghai exchange, which he described as “the epicenter” of a stock market crash last month.

“Whatever the headlines, regardless of the challenges, we shouldn’t be running away from China,” he said.

The five-day visit, which has already produced a deal for a joint nuclear power station in western England, marks a concerted attempt by Britain to establish itself as China’s strongest partner in the West.

It also raised the international profile of the British finance minister, seen by analysts as a potential replacement for Prime Minister David Cameron when he steps down before the 2020 general election.

A poll of party members by the ConservativeHome website found Osborne the runaway favorite, ahead of other speculated candidates including Theresa May, the interior minister, and London Mayor Boris Johnson.