Note: Coefficients are recalculated into percentages as per Palmquist (1980) due to log-linear specification. A negative pay gap in this chart indicates that women earn less than men. Chart 22: Conditional gender wage gap under specification (5) Difference in lnpay  0.05 0 ‐0.05  Gender pay gap  ‐0.1 ‐0.15 ‐0.2 ‐0.25 ‐0.3  1994‐1998  1999‐2003  2004‐2008  2009‐2013  2014‐2019  Source: ONS Labour Force Survey and Bank of England calculations. Note: A negative gender pay gap in this chart indicates that women earn less than men. 11 The regressions assume the effect of the controls on pay is homogenous between different groups. If we run a Chow test on this restriction, it fails in our sample. This would be a useful area for future research. 12 Coefficients are recalculated into percentages as per Palmquist (1980) due to log-linear specification. 27  All speeches are available online at www.bankofengland.co.uk/speeches  27  We can replicate this regression for ethnicity with the same set of controls, except that the occupation, age groups, and children under 2 variables now interact with the ethnic minority variable. Where  (6) ln  ∝  h  =  ∗ 1 0  h  ∗  person does not belong to white ethnic group person belongs to white ethnic group  With this specification, the conditional gap for ethnic minorities averages around -11% and is again significant at the 1% level.
Both countries have also established regular dialogues including the Joint Council of Bilateral Cooperation (JCBC) co-chaired at the Deputy Prime Minister level and the Ministerial level economic and trade councils in seven Chinese Provinces/Municipalities. We want to build on what has been achieved, and explore avenues to deepen our close partnership. Financial cooperation has become an increasingly important pillar of the ChinaSingapore relationship. 9 Singapore has served as a useful platform for Chinese financial institutions to participate in regional markets, especially in ASEAN. To-date, six out of the top 10 Chinese banks already have a presence in Singapore. Two of them – Bank of China and Industrial Commercial Bank of China (ICBC) – were extended Qualifying Full Bank (QFB) privileges as part of the enhanced CSFTA in 2012. These banks are now expanding their Singapore operations as hubs for Southeast Asia. 10 In addition, Singapore financial sector has also served the needs of China’s financial markets. For instance, China is the largest source of offshore reinsurance business in Singapore in 2011. We welcome this presence. 11 At the same time, China has also presented opportunities for Singapore’s financial institutions. Our three local banks already have a presence in 15 provinces in China. Our sovereign wealth funds and private investors based in Singapore are also important investors in China’s financial institutions and markets. 12 There is potential to further these financial interconnections as China gradually widens and deepens its financial markets.