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Beijing-London finance forum explores collaboration

By Xing Yi in London | chinadaily.com.cn | Updated: 2024-09-28 15:27

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A conference "Inside Beijing Financial Street 2024" was held in the City of London on Sept 20. [Photo provided to China Daily]

A delegation from the Beijing Financial Street hub held a conference in the City of London, its counterpart in the United Kingdom on Sept 20, attracting around 100 representatives from 60 organizations, seeking to explore opportunities for collaboration.

Located in Beijing's Xicheng district, Beijing Financial Street is home to China's financial regulatory bodies, including the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission.

It also hosts around 1,900 financial institutions, including the headquarters of the Bank of China and the Industrial and Commercial Bank of China, as well as more than 140 foreign institutions.

Zeng Linfeng, executive deputy mayor of Beijing's Xicheng district, made a presentation that gave a comprehensive overview of the area.

"We welcome more UK companies to come to the Xicheng district, to learn about the financial street, and to invest in the area," he said.

Bao Ling, minister for economic and commercial affairs at the Chinese Embassy in the UK, speaks at the conference in London on Sept 20. [Photo provided to China Daily]

Bao Ling, minister for economic and commercial affairs at the Chinese Embassy in the UK, said the pace of opening up China's financial industry has accelerated in recent years, as the caps on foreign equity holdings in banking and insurance institutions and restrictive measures related to the financial industry have been removed.

"These initiatives will surely create new opportunities for companies and individuals from all countries, including the UK," Bao said. "The economies of China and the UK are highly complementary and thus potential for cooperation is huge."

Fang Wenjian, chairman of the China Chamber of Commerce in the UK, speaks at the conference in London on Sept 20. [Photo provided to China Daily]

Fang Wenjian, chairman of the China Chamber of Commerce in the UK and general manager of the Bank of China London branch, said there are around 40 Chinese financial institutions in the City of London, and noted they have been working with UK counterparts in promoting green finance and renminbi internationalization.

Li Hui, chief representative of the People's Bank of China for Europe, and Jack Perry Jr, chairman of The 48 Group, also delivered speeches at the event.