On the afternoon of June 16, Yin Yong, member of the Standing Committee of the CPC Beijing Municipal Committee and Deputy Mayor of Beijing, and William Russell, Lord Mayor of the City of London, attended the Beijing-London Webinar on Asset Management and the launch conference for the Beijing Guidebook for Overseas Asset Management Institutions. The event brought together over 100 people from more than 80 Chinese and British financial institutions including Standard Life Aberdeen, London Stock Exchange, and ICBC Wealth Management. The Chinese and English versions of the Beijing Guidebook for Overseas Asset Management Institutions were launched at the webinar.

Yin Yong said that Beijing is China's national financial management center. Since new financial industry opening-up endeavor began, more than 30 overseas financial institutions such as Goldman Sachs and UBS have started operations in Beijing. Under the impact of COVID-19, Beijing and the City of London need to further deepen their cooperation and repair the industrial supply chain. Beijing will continue to introduce new open platforms, new fields, and new mechanisms to attract more financial institutions and overseas investors to Beijing, thus providing new impetus for its economic development.

Yin Yong, member of the Standing Committee of the CPC Beijing Municipal Committee and Deputy Mayor of Beijing, addressing the webinar

William Russell said that the City of London is the world's leading financial center, with sound financial infrastructure and sufficient professionals. The UK's strengths in asset management are complementary to the rapid growth of China's asset management industry, providing new opportunities for China-UK financial cooperation. It is hoped that within the framework of the UK-China Partnership in Investment Management Initiative, the two sides will engage in asset management exchanges and cooperation in more fields and on deeper levels.

William Russell, Lord Mayor of the City of London, addressing the webinar

The financial service industry is an important pillar of Beijing's high-quality development and the most important area of cooperation between Beijing and the City of London. To fight COVID-19 and help boost global economic recovery and financial market stability, the Foreign Affairs Office of the Beijing Municipal Government and Beijing Local Financial Supervision and Administration have given full play to the role of sister city network and worked closely with the City of London government to set up this high-level platform for online exchanges. Thanks to that, overseas financial institutions have been fully informed of Beijing's better policies and financial institutions of both sides are motivated to work together more closely. Sister-city cooperation now can play a bigger role in helping build Beijing into a national financial management center.

Attached:

Beijing Guidebook for Overseas Asset Management Institutions-English.pdf

Beijing Guidebook for Overseas Asset Management Institutions-Chinese.pdf