London offers financial expertise for FTZ
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E-mail Shanghai Daily, October 18, 2013
London has given the thumbs-up to the newly launched free trade zone in Shanghai with promises of investment and strengthening of business ties.
"London and Shanghai are twin cities, both with a huge river and huge financial sector united by our dedication to free trade, openness, and an international approach for businesses," London Mayor Boris Johnson told a forum in Shanghai yesterday.
The establishment of Shanghai's free trade zone last month was the most exciting reform that will benefit bilateral exchange, senior London officials said.
"The free trade zone has a focus on financial services and that's where we are experts. We can work together to make it a success," Kit Malthouse, deputy mayor of London, told Shanghai Daily. "I hope it will spread to the rest of Shanghai and then the rest of China."
The zone needs to maintain a high business ethics and implement a stable dispute resolution system to ensure success, he said.
"On meeting with Shanghai's policy-makers we agreed that the best way to develop the two cities' economy is to let businesses find partners in each other's territories," Malthouse said.
"You can expect a lot of British visitors, especially from London, to talk about that."
London also aims to attract Chinese investment in the city's property, creative industries, life sciences, and financial and business services sectors.
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