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London to tap business opportunities in China

(Xinhua)
Updated: 2008-06-24 11:05

A delegation from the City of London, which has long claimed to be one of the most influential financial centers in the world, are to tap business opportunities in China.

The delegation, headed by Lord Mayor David Lewis, will visit Beijing, Shanghai, Hongkong, Tianjin, Xiamen and Changsha between June 24 and July 8.

In a challenging time when Southwest China's Sichuan Province was devested by earthquake and areas in southern China are affected by flood, Lewis said he hoped that the city would like to help China either in the infrastructure reconstruction or insurance industry which he said has proven once again to be of great importance to a safer society.

Though Shanghai might in due course be built into a global financial center, the Lord Mayor said, the City of London, which is experiencing financial turmoil along with the United States, China and the rest of the world, still has a lot to share with Chinese cities vying to play their parts in China's financial development.

The city chief said he would try to lobby the Chinese government to end its restrictions on Chinese companies to list and invest overseas, adding that without access to overseas listings and equity finance, Chinese companies might find it difficult to expand internationally or acquire overseas companies through mergers and acquisitions.

The delegation will witness the official opening of the city's offices in Beijing and Shanghai and carry on its "going global" seminars in China to attract more companies to list in London where the listing cost is almost half of that in New York, Lewis said.