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China committed to market liberalisation: UK Finance Minister

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Britain's finance minister George Osborne called Tuesday for closer business ties with China as he visited its commercial hub of Shanghai, despite slowing growth and stock market volatility in the world's second-largest economy.

[SHANGHAI] China's authorities should be supported as they remain committed to market liberalisation following volatility in the country's stock markets, Britain's finance minister George Osborne said in Shanghai on Tuesday.

Speaking at the Shanghai Stock Exchange, Osborne also said that he wanted to see a formal connection between stock markets in China and Britain so that British firms can raise money from Chinese savers and vice versa.

The comments come after Britain and China agreed on Monday to a series of initiatives ranging from an expanded currency swap agreement, Chinese investment in a British nuclear power, and a feasibility study for a scheme to connect the London and Shanghai stock markets.