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Guangzhou shakes hands with the hometown of Beckham
Guangzhou takes the 11th roadshow of the 2017 Fortune Global Forum to London today.

Updated:1497430140Source:SilkRoadPost

Guangzhou takes the 11th roadshow of the 2017 Fortune Global Forum to London today. The Guangzhou delegation, led by Cai Chaolin, vice mayor of Guangzhou, is seeking to enhance bilateral investment and trade with the hometown of David Beckham and draw experience from the development and innovation of the city’s financial industry.   

London is a world financial center and the biggest economic hub in Europe. Its financial industry, with a total of 325,000 employees, is an important pillar of its economy.
 
A roundtable of big cheeses

In the roadshow, representatives of leading enterprises in Guangzhou are given the opportunity to exchange ideas with their counterparts in the UK. The roundtable was attended by big cheeses like Nina Easton, co-chair of the Fortune Global Forum, Lord Sassoon, former British Treasury official and chairman of the China-Britain Business Council, and Du Lan, senior vice president of IFLYTEK CO.,LTD.
 
The UK is an important trade partner and source of investment for Guangzhou.
 
In 2016, the trade volume between Guangzhou and the UK reached 16.38 billion yuan, increasing 7.7 percent from the previous year and securing the second place in trade volume between Guangzhou and European countries. In the first quarter of 2017, the number scored a positive growth of 40.3 percent and soared to 4.82 billion yuan.
 
As for investment, by March 2017, 229 enterprises in Guangzhou had received a total foreign direct investment of about 6.38 billion yuan (US0 million) from the UK. British enterprises, such as BP, HSBC and GSK group, had also made investments and established offices in Guangzhou.
 
And Guangzhou, in turn, has established five companies in the UK with a contract investment of about 1.69 billion yuan (US0 million) in 2016, up 18.8 percent from the previous year.
 
The globalization of Guangzhou's economy offers enormous opportunities for multinational banks.

Guangzhou has started cooperation with the UK many years ago. HSBC Group, one of the world’s biggest banks headquartered in London, is the earliest foreign bank that came to Guangzhou. From the first office it set up in the city in 1983, it now boasts over 30 sub-branches in the Peal-River Delta region.
 
“From the free trade zone, the Belt and Road Initiative to the building of the Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou’s effort in forging a regional financial center has sped up the development of its financial industry, unleashed many opportunities and boosted our confidence in doing business in the city,” said a representative with HSBC.    

(By Sophia Tang, Louis Berney)

Editor:Joanna You
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