City of London will set up ‘green’ finance centre to help Xiongan New District development

The City of London has set up a “green finance centre” with a Chinese partner, to benefit China’s new city.

The centre will fund sustainable development projects. It is set to benefit Xiongan, a district chosen by Xi Jinping to house a new city in northern China.

This is an example of London’s financial district hoping to strengthen ties with China ahead of Brexit.

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The centre will work with the China Green Finance Committee to develop and help fund projects. It will also help to fund projects which form part of the “Belt and Road” initiative.

Charles Bowman, Lord Mayor of London, told a briefing: “We’ve decided the perfect first project to do is the Xiongan New Area. The UK has significant strength and expertise in smart city development, particularly in design, research and finance of engineering services.”

Bowman also revealed that 100 delegates had gone to Xiongan last week to discuss the projects with local officials.

The Canary Wharf Group is currently liaising with local governments in China.