Boosting China-UK financial ties

Peter Estlin, the Lord Mayor of London, is leading a British delegation on a week-long visit to China to promote cooperation in financial technology, green finance, and the Belt and Road construction.

Estlin considers the UK as a vibrant place for innovation and expects enhanced bilateral financial cooperation with China in the future.

The UK witnessed a record-high foreign direct investment (FDI) last year and remained the top destination for FDI in Europe.

"The UK is a vibrant place of innovation. It's an incubator nation with many businesses springing out," said Estlin. From his perspective, the Chinese financial services company Ant financial's acquisition of London-based international payment firm WorldFirst was a great example to exhibit that characteristic.

"And I could see quite a few in the pipeline over the next year or two. Realistically, we have got a lot of investments coming in from all over the world. We have got one of the mega businesses in the world. But if we can create an incubator nation and that's good for us," he added.

During the visit, Estlin met with Chinese Vice President Wang Qishan, discussing a number of issues. He also met with several Chinese businesses including Fosun, Ping An and Bank of China. "All have gone very well," according to Estlin. Meanwhile, he saw great interest in the UK from Chinese businesses "as potential areas for expansion."

He describedthe London-Shanghai Stock Connect as "a fantastic achievement."

In terms of impact from Brexit, he noted: "It's not so much damage, it's frustrating because one thing that businesses really want is stability. It's causing businesses to have to make contingency plans."

"But the good news is innovation is creating job growth. 42 percent of the fintech sector comprises of international talent. So, we are still able to attract talent. But it is an important component going forward," he told CGTN.