Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of the work of the Asian Infrastructure Investment Bank.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Asian Infrastructure Investment Bank (AIIB) has functioned effectively since its establishment in 2016, supporting sustainable development in Asia by investing under globally accepted standards and following multilateral governance practices established by existing multilateral development banks (MDBs).
The AIIB has a large global membership of 103 approved members , including five of the G7 with whom the UK collaborates closely as shareholders.
As of May 2021, it has approved 123 investment projects worth USD 24.66 billion in 28 client countries, with USD 8.2 billion of this supporting Covid-19 recovery. The AIIB invested USD 1.2 billion as climate finance in 2020.
The UK supports the AIIB’s green ambitions, noting that its 2030 Corporate Strategy has set a 50% climate finance target for 2025, the highest among MDBs with a UK shareholding, and also commits the Bank to Paris alignment.
Over half of the AIIB’s investments to date have been co-financed with peer MDBs, predominately the World Bank and Asian Development Bank.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of how much UK property and infrastructure is owned by China State Development and Investment Corporation.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
HMG does not routinely monitor cumulative investment activity from specific companies. Foreign investment supports UK jobs and productivity. As set out in Build Back Better: our plan for growth alongside the Budget in March, the Government is committed to ensuring that the UK continues to be one of the top destinations in the world for investment. The National Security and Investment Act will give the Secretary of State for Business, Energy and Industrial Strategy the power to call in acquisitions of control over qualifying entities or assets to assess whether they give rise to national security concerns.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Chinese companies have issued shares on the London Stock Exchange as part of the London-Shanghai Stock Connect.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The London-Shanghai Stock Connect is a commercial initiative. Information about the companies involved is publicly available, whether via the relevant exchanges, the companies listed, and third-party news and data providers.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many British companies have issued shares on the Shanghai Stock Market as part of the London-Shanghai Stock Connect.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The London-Shanghai Stock Connect is a commercial initiative. Information about the companies involved is publicly available, whether via the relevant exchanges, the companies listed, and third-party news and data providers.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the status of the UK-China Bond Connect.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
A UK-China Bond Connect does not exist, so no assessment has been made of its status.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish a list of UK companies who are currently participating in the UK-China Cooperation Fund.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK-China Cooperation Fund is a private sector initiative. Participation in the fund is an independent commercial matter for the companies concerned.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions (a) he and (b) his officials have had with relevant stakeholders on the levels of investment required to refresh the National Shipbuilding Strategy.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Prime Minister has appointed the Defence Secretary as Shipbuilding Tsar. As you will no doubt be aware, on 16 March 2021, the Defence Secretary outlined in his speech to the Society of Maritime Industries that he is working to refresh the National Shipbuilding Strategy to deliver a successful and sustainable UK shipbuilding enterprise.
The Chancellor is in regular contact with Cabinet colleagues, including the Defence Secretary, on investment priorities. Officials are likewise closely engaged with counterparts across government on matters of public spending.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether (a) officials and (b) Ministers in his Department have met representatives of the UK-China Cooperation Fund in the last twelve months.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK-China Cooperation Fund is a private sector initiative. Treasury ministers and officials have not met with representatives of the UK-China Cooperation Fund in the last twelve months, nor have officials discussed with relevant stakeholders the allocation of its funding, which is an independent commercial matter.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions officials in his Department have had with relevant stakeholders on the allocation of funding for the UK-China Cooperation Fund.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK-China Cooperation Fund is a private sector initiative. Treasury ministers and officials have not met with representatives of the UK-China Cooperation Fund in the last twelve months, nor have officials discussed with relevant stakeholders the allocation of its funding, which is an independent commercial matter.
Asked by: Peter Dowd (Labour - Bootle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions officials in his Department have had with relevant stakeholders on the provision of green finance for the Green Belt and Road.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The government engages with a range of stakeholders on the provision of green finance, particularly in the run to COP26. This involves working with international partners and the financial sector to promote advancement of and adherence to international green standards that support the delivery of sustainable infrastructure, including via initiatives such as the Belt and Road.