City Corporation puts London on the Belt and Road map
The City of London Corporation is to launch a publication to promote London as the ‘natural western hub’ of the Chinese-led Belt and Road Initiative (BRI), which could add up to £1.8 billion annually to UK GDP.
City of London Corporation Policy Chairman Catherine McGuinness will present ‘Belt and Road: London on the Map’ to senior Chinese financial figures during a visit to China next week, where she is travelling to speak at the Lujiazui Forum in Shanghai.
The publication presents for the first time how firms from the UK financial and professional services (FPS) sector are involved in the BRI, including Standard Chartered, HSBC, Linklaters, Clifford Chance and UK Export Finance, bringing together specific examples of projects underway in countries along the initiative.
It also highlights London’s strengths as a hub for the soft infrastructure required by the BRI, with the aim being to advertise London as the ideal partner for companies involved.
Partnerships between UK and Chinese firms can support infrastructure development in the near 60 countries and regions involved in the BRI, especially collaboration on projects and initiatives in third countries where UK and Chinese strengths are complementary.
The publication, produced in English and Chinese, will be launched at a reception on Wednesday 13 June 2018 in Beijing, which will also celebrate the 10th anniversary of the City of London Corporation’s representative office in the Chinese capital.
City of London Corporation Policy Chairman, Catherine McGuinness said:
“This publication is a small but powerful advertisement for London’s involvement in the Belt and Road.
“It shows specific examples of how UK firms are already active in the Initiative, and explains clearly how we can further be involved.
“I look forward to seeing all future Belt and Road maps showing London as the natural, western hub of the Initiative.”
UK Minister of State for Asia and the Pacific, the Rt Hon Mark Field MP said:“The UK and China are global powers with a global outlook.“We welcome the potential opportunities the Belt and Road Initiative could bring as a means of driving global growth and enhancing development outcomes.“It presents another opportunity for the UK and China to work closely together under our Global Strategic Comprehensive Partnership. The City of London’s world-class expertise makes it an excellent partner for collaboration on high quality infrastructure projects in Asia.”Group Chairman of Standard Chartered, José Viñals said:
“London’s involvement in the developing Belt and Road story, much like its role in the renminbi’s internationalisation a few years ago, shows again how important the City can be to this initiative.“London’s status as a world-leading financial centre and its strong legal and regulatory framework are key factors in getting vital financing transactions across the line.”The publication is the latest undertaking by the City Corporation to promote London’s involvement in the BRI, following the organisation’s support for a Belt and Road website alongside London & Partners.
The City of London Corporation has been active in China for many years, and has had representative offices in Beijing and Shanghai since 2008. There are more than 30 Chinese institutions in the City and more are in the process of opening a representative office.
Notes to editors
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk
For more information contact:
Nathan Rodgers, Media Officer for Asia
City of London Corporation
0207 332 3451 / 07864 625086