London's lord mayor in China to promote city's fintech capability

Peter Estlin, the lord mayor of the City of London, is in China to promote the United Kingdom's strengths in fintech and green finance, and to share London's interest in the Belt and Road Initiative.

During the six-day trip, Estlin, in his role as an ambassador for the UK's financial and professional services sector, will meet with members of the Chinese government and business leaders.

He will be accompanied by a delegation of 13 innovative fintech companies headed by John McLean, a board member of the China-Britain Business Council. They will visit the cities of Shenzhen, Shanghai, and Beijing.

The group will also participate in meetings with senior officials from the local governments in Shenzhen and Shanghai. Both cities have longstanding cooperation agreements with the City of London Corporation.

"We are looking to further develop our agreement with Shenzhen," Estlin said during a media roundtable discussion before the visit. "We signed an MOU a number of years back and we are looking at developing that further, particularly on a city-to-city basis … and around financial services. So, encouraging both British businesses to set up in Shenzhen and potentially getting Chinese businesses to come open up operations here."

The London delegation will host forums in each of the three cities aimed at government and industry professionals. The aim of the forums is to boost city-to-city links in the fintech sector.

The lord mayor will deliver speeches at the events along with senior Chinese business figures. Members of the delegation also plan to make business pitches to potential investors.

In Beijing, the lord mayor is expected to make an announcement on green finance, following nearly two years of cooperation between the City of London Corporation's green finance initiative and China's green finance committee.

Estlin will also be promoting innovation and technology, championing digital skills, and addressing digital and social inclusion as part of his Shaping Tomorrow's City Today program.

He said the UK is committed to supporting Belt and Road Initiative projects.

"We have much to contribute, not only in helping to raise international capital into a number of those projects, but also in terms of maintaining high standards," he said. "A lot of these projects are multilateral, and focusing on their sustainability as long-term infrastructure projects is important. So, that's an area of strength here in the City, through green finance and our professional standards."

McLean from the China-Britain Business Council said: "I am delighted to lead the delegation to promote opportunities for companies in the City and the wider UK to grow and thrive in the rapidly evolving China market and to demonstrate that London is open for business for Chinese financial and tech companies."