Lord Mayor leads City delegation to China
The Lord Mayor of the City of London, Alderman Alan Yarrow, is to lead a business delegation to Hong Kong and Mainland China (16-25 September) helping to make sure London and the UK remains the global partner of choice for China when it comes to financial and professional services.
The role of Lord Mayor of London has existed for over 800 years, and today the Lord Mayor’s primary function is to act as an ambassador for the UK’s financial and professional services industry. The 687th Lord Mayor Alan Yarrow will pay an official visit to Hong Kong, Shenzhen, Guangzhou, Shanghai and Beijing.
In his three day visit to Hong Kong, the Lord Mayor will meet Financial Secretary John Tsang to explore closer business collaboration between the two sides, and discuss issues including the development of offshore RMB market, maritime services, green finance and financial technology with Hong Kong Monetary Authority (HKMA), Hong Kong Exchanges and Clearing (HKEx), the Securities and Futures Commission (SFC), the Financial Services Development Council as well as and British and local businesses. He will also participate in a RMB roundtable event hosted by Credit Lyonnais Securities Asia (CLSA) as part of their Investors’ Forum, and speak about education connection between the UK and Hong Kong at a reception held by Chartered Institute for Securities & Investment (CISI) and Christ’s Hospital. Moreover, he will promote investment opportunities in the UK to the Monetary Authority of Macau.
While in mainland China, the Lord Mayor is expected to meet senior government officials of Beijing, Shanghai and Shenzhen to discuss RMB internationalisation, the development of China's capital markets, maritime services and areas of mutual interest. He will witness the signing of Memorandums of Understanding renewal between the City of London and Shanghai, and join the 6th International Shipping strategic development forum in Shanghai. Lord Mayor will also address the City of London-Qianhai Second RMB International Forum on cross border RMB services in Shenzhen, and is expected to engage with the regulators in Beijing.
Speaking ahead of his visit to China, the Lord Mayor Alan Yarrow said:
“I am delighted to have the opportunity to visit China during my mayoral year. China is a key trade and investment partner of the UK, both the City and the UK government are so committed to advancing UK-China economic relations.”
“The UK is by far the largest recipient of Chinese direct investment in the EU, and London is a western centre for RMB business. Rather than rest on our laurels, we would like to encourage further collaboration and to facilitate inward investment for Chinese firms across all sectors. Moreover, China’s economic plan, including for example key components like the One Belt One Road strategy, unlocks untapped potential with opportunities for shared growth and from which British firms can also benefit.”
“2015 marks the beginning of a ‘golden era’ in UK-China relations. I look forward to welcoming President Xi Jinping during his visit this October when I host a banquet in the City in his honour and will look to cement even stronger ties between our two nations. My visit next week is therefore the latest step in reaffirming these close bilateral relations between our two counties as we move forward on the path to prosperity.”
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Learn more about The Lord Mayor Alan Yarrow at this link.
NOTES TO EDITORS
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- About the Lord Mayor of the City of London
The Lord Mayor is head of the Square Mile’s City of London authority for one year and the position is unpaid and apolitical. It is an exceptionally demanding role. The Lord Mayor spends some 90 days abroad and addresses some 10,000 people face-to-face each month (making around 800 speeches a year). The Lord Mayor represents City businesses and helps the City Corporation advise the Government of the day on what is needed to help the financial services sector to function well. The Lord Mayor frequently travels to represent the City; and travels overseas with the status of a Cabinet Minister. On average, the Lord Mayor will meet one head of state a month and will meet a prime minister or finance minister each week to discuss financial services, often in conjunction with senior City business representatives. The Lord Mayor, who is unpaid, lives in the Mansion House for the Mayoral year.
- About the City of London Corporation
The City of London Corporation is a uniquely diverse organisation. It supports and promotes the City as the world leader in international finance and business services and provides local services and policing for those working in, living in and visiting the Square Mile. It also provides valued services to London and the nation. See www.cityoflondon.gov.uk for more details.
- About the City of London’s RMB initiative
The City of London initiative was launched on 18 April 2012. It aims to develop London’s position as the leading western hub for international renminbi (RMB) business - and boost the RMB’s wider international use for trade and investment. The initiative is facilitated by the City of London Corporation, and the current members are Agricultural Bank of China (UK), Australia and New Zealand Banking Group Limited (ANZ), Bank of China (UK), Bank of Communications (UK), Barclays, China Construction Bank (UK), Citi, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (UK), Standard Chartered, and JPMorgan, with observers from HM Treasury, the Bank of England, and the Prudential Regulation Authority. The initiative seeks to provide leadership to the wider financial markets on technical, infrastructure and regulatory issues relating to the RMB product and services in London. It also advises HM Treasury on maximising London’s capacity to trade, clear and settle RMB and articulates practical next steps and long-term aims for the further development of the RMB market in London. Additionally, the group advises HM Treasury and other UK authorities on any financial stability concerns members may perceive. More information is at www.cityoflondon.gov.uk/renminbi
- The City of London Corporation and China
The City of London Corporation has long recognised the critical importance of China to the UK-based financial services industry. The rapid growth of the Chinese economy brings a demand for international financial services - both to provide capital, risk management and expertise for companies as they expand - and to meet the needs of its growing middle classes, in areas such as savings products, pensions, insurance and wealth management. An important part of the City of London Corporation’s work is to help UK-based firms to access the Chinese market, and to promote a genuinely two-way exchange of trade and investment in financial and professional services. The City of London Corporation engages with the Chinese leadership, regional governments and with Chinese firms to position the City as China’s partner of choice in the provision of financial services, and the UK as a location of choice for Chinese overseas investments. The City of London Corporation’s engagement with China is guided by the City of London Advisory Council for China, a group of senior Chinese financial sector leaders. The Council provides a formal structure for engagement with Chinese financial services firms at a senior level, and expert guidance and advice on the Chinese market. The Council guides the City of London Corporation’s China strategy, and the work of the City of London representative offices in Beijing and Shanghai. For more information, please visit www.cityoflondon.gov.uk/china