Guangzhou Municipal Local Financial Supervision and Administration and Frankfurt Main Finance e.V. sign Memorandum of Understanding

Guangzhou Municipal Local Financial Supervision and Administration and Frankfurt Main Finance e.V. strengthen their cooperation. From May 9th to May 10th, 2019, a Chinese delegation with 11 representatives from the Guangzhou Municipal Local Financial Supervision and Administration and some Guangzhou local state-owned enterprises visited the Financial Centre Frankfurt to conduct a two-day business visit. During these two days, the delegation had meetings with various financial organizations and several agreements on bilateral cooperation plans were achieved.

On the first day of the visit, the Guangzhou Municipal Local Financial Supervision and Administration and Frankfurt Main Finance (FMF), committed to a long-term cooperation in a Memorandum of Understanding. Dr. Lutz Raettig, President of Frankfurt Main Finance e.V., and Qiu Yitong, Director of the Guangzhou Municipal Local Financial Supervision and Administration, signed the agreement at Frankfurt’s city hall, the Römer. Dr. Nargess Eskandari-Grünberg, Deputy Mayor of Frankfurt, also greeted the delegation with a welcome speech. The partnership is an important milestone in the bilateral cooperation of both financial Centres and will guide the future implementation of a series of joint projects between both organisations.

The agreement focuses on many key issues facing today’s financial industry such as Green Finance, FinTech, and Cross-border Finance. The agreement aims to foster the development of an effective cooperation via joint programs, financial trainings, research activities, workshops, publications and study trips. Moreover, both parties will further explore the establishment of a Guangzhou-Frankfurt Financial Alliance.

Qiu Yitong, Director of Guangzhou Municipal Local Financial Supervision and Administration, stated, “Guangzhou is the only city in China’s history that has never closed its door to trading with to the rest of world – and Guangzhou would like to open its door even wider in the future. We hope that we can learn more from Frankfurt about how to develop into a leading Financial Centre.”

Frankfurt Main Finance’s Managing Director Hubertus Väth declared, “We are delighted to sign the MoU with the Guangzhou Municipal Local Financial Supervision and Administration today. We look forward to the fruitful cooperation in the future.”

During their two-day visit of the Financial Centre Frankfurt, the Guangzhou delegation also visited the CEINEX (China Europe International Exchange), the BaFin and Deutsch Bank. As many enterprise representatives from the delegation stated, Guangzhou is one of the most active trading cities in China. Participating in an international capital market is an important step for all enterprises pursuing an international development strategy. Frankfurt, as the “financial heart” of Europe, is a very good choice for these enterprises as they can benefit from the proximity to the banking sector, various stock exchanges, and regulatory authorities. Moreover, Guangzhous local enterprises are keen to attract financial institutions from Frankfurt and to foster cooperation.

Front (from left): Dr. Lutz Raettig, President Frankfurt Main Finance e.V. and Qiu Yitong, Director Guangzhou Municipal Local Financial Supervision and Administration. – Back(from left): Liu Xianchang, Director Economic Development and Finance Bureau of Guangzhou Aerotropolis Development District, Gao Shudong, Director Guangzhou Development District Bureau of Financial Affairs, Deng Xiaoyun, Director China (Guangdong) Pilot Free Trade Zone Nansha Area of Guangzhou and Guangzhou Nansha Economic and Technological Development Zone Bureau of Financial Affairs, Dr. Nargess Eskandari-Grünberg, Deputy Mayor of Frankfurt, Hubertus Väth, Managing Director Frankfurt Main Finance e.V., Eduard Hechler, Director International Affairs City of Frankfurt and Dr. Jochen Biedermann, Senior Advisor Frankfurt Main Finance e.V.