12 October 2007
London's Lord Mayor calls for end to East Asian trade
barriers
Lord Mayor John Stuttard will be the first City chief to meet
China’s new political leadership as he make his second official
visit to China, Hong Kong and Korea from 16 Oct to 28 Oct.
Accompanied by a strong City delegation, the Lord Mayor’s visit
will take place during China’s 17th National Party Congress, held
every five years. The Congress will see changes to the ruling
elite, with the appointment and reshuffling of the senior leaders
who will shape China’s political and economic scene for the next
five years.
Lord Mayor Stuttard, whose business party totals over 50 senior
representatives of UK-based financial services firms, will meet key
officials in regulating and promoting financial services, alongside
political leaders in Shanghai, Nanjing, Hong Kong, Beijing, Tianjin
and Seoul.
At the top of the agenda in China, where Stuttard spent five
years of his working life as former Chairman of PwC, will be the
removal of barriers to bilateral trade and investment and an end to
the restrictions on Chinese companies listing overseas. Lord Mayor
John Stuttard said:
“The UK has the most open markets in the world which led to its
success as No. 1 financial centre in the world. By contrast, there
are major obstacles for licensing foreign companies in China, which
includes the registration of UK non-profit-making organisations and
chartered bodies. Chinese leaders must recognise that these
professional bodies are crucial in providing training to fill the
current shortage of bilingual banking and accountancy talent in
China.”
The recent relaxation on the Qualified Domestic Institutional
Investor (QDII) scheme allows a greater number of Chinese financial
institutions to invest even more client money overseas. This came
as the same time as the establishment of China Investment
Corporation (CIC) which is set up to invest China’s swelling
$1.4-trillion-dollar foreign exchange reserve. The Lord Mayor
said:
“I am confident that China will continue to present tremendous
opportunities for City busineses, particularly in Private Equity
and Venture Capital, Mergers & Acquisitions and listings on the
London Stock Exchange. I also hope that CIC will choose to draw on
the UK’s expertise in asset management and use as an investment
channel for its sovereign wealth fund.”
In Korea, the Lord Mayor will meet President Roh and other
political leaders. He will raise issues including pensions and
highlight the importance of liberalising financial markets.
He said: “I am very excited about visiting Korea. I hope Korea
will see UK as their first choice of international partner and a
gateway to the EU. We will be sharing with them the lessons that
City has learnt and helping to build Seoul as a regional financial
hub in Asia.”
Continuing his initiative on promoting the City of London as the
world’s centre for business learning, the Lord Mayor will launch
several educational seminars and events in partnership with CASS
Business School, Costas Grammenos International Centre for Shipping
in Hong Kong. He will speak at an Institute of Chartered
Accountants (ICAEW) event in Beijing to launch accountancy
standards in Beijing which may help Chinese authorities to compete
effectively in global arena.
Through this visit the Lord Mayor will gain first-hand insights
into the changing political and economic landscapes in China and
Korea which he will share with City businesses on his return to
inform the City’s approach to the Chinese and Korean markets.
Press enquiries: Loretta Lui 07770 803 589 or City of London
Press Office on 0207 332 1906.
Notes to editors
Lord Mayor John Stuttard will be in Hong Kong 16/10, 23/10-24/10,
Nanjing 17/10-18/10, Shanghai 18/10 -21/10, Seoul 21/10-23/10,
Beijing and Tianjin 24/10 – 27/10
City of London
The City of London
Corporation is committed to maintaining and enhancing the status of
the business City as the world's leading international financial
and business centre as part of its role in providing local
government services for the Square Mile. Its responsibilities also
extend far beyond the City boundaries and include management of the
Barbican Centre, Central Criminal Court at the Old Bailey, Epping
Forest, Hampstead Heath, three wholesale food markets, as well as
acting as the London Port Health Authority.
Going Global
Going Global brings together high-profile local companies, UK
experts, representatives from the City of London and UK
practitioners. Participants will hear about why the City of London
is the world’s leading financial services centre, how to raise
capital and how to access the professional skills required,
listings on the main LSE or AIM and accessing venture capital.
City of London, City of Learning
Lord
Mayor Stuttard has launched the new "City of London – City of
Learning" campaign backed by the British Council and UKTI to link
global centres with high-level professional institutions and
universities/business schools in the UK. See the website
www.cityoflondonlearning.org. The campaign
involves City-related UK professional institutes, key university
business schools and training providers that offer post-graduate
and professional qualifications in financial, maritime and business
services, both in the UK and overseas. The Lord Mayor’s campaign
steering group includes Sir Paul Judge (Chairman), Sir Roderick
Floud, Professor David Rhind and representatives of HM Treasury,
UKTI, the British Council and IFSL.
City of London and China
In strengthening direct links with China, the City of London, using
CBBC’s Launchpad Scheme, has now established City Representations
in Beijing and Shanghai. The City Representations promote the
services of the City to the Chinese public and private sectors, eg
London exchanges, insurance, asset management, infrastructure
finance and consultancy, business education & training. Other
tasks include promoting the City as a location for Chinese
companies, and facilitating the business development of City firms
in China. The City of London has also signed a Memorandum of
Understanding with both Shenzhen and Shanghai.