The friendly relations between Frankfurt and China go back to the eighties. The partnership with Guangzhou, the capital of Guangdong province, was established as early as 1988.
In order to strengthen the economic ties between the cities of Frankfurt and Beijing, the Frankfurt Economic Development Company and the Beijing Investment Promotion Bureau signed a memorandum over friendly cooperation in August 2007.
Since then, the dynamic economic development in China, and especially in Beijing as the centre of the financial industry, has rapidly accelerated. In the third quarter of 2012, over 1,000 financial institutions and over 400 supervisory and regulatory bodies were headquartered in the Beijing Financial Street. Around 174,000 employees work there today for various kinds of financial service providers, which amounts to 70 percent of all employees in the finance sector throughout Beijing. The volume of financial assets totalled 62.1 trillion yuan RMB, accounting for almost 50 percent of the national total.
Accordingly, it was only logical for the financial hub Frankfurt to sign an agreement with Beijing in 2012 about long-term cooperation between the two financial centres. The arrangement centres on issues of financial market regulation and risk management as well as the education and training of managers and executives. The financial location Frankfurt is thus further expanding its excellent capabilities and contacts in these areas.
With its Xicheng District, Beijing is one of the most dynamic financial centres in the world. The collaboration is a valuable asset to the global network of the financial centre Frankfurt. Xicheng offers great business potential, which is to be developed for the financial industry in Hesse by the joint initiatives of the Hesse state government, the representatives of the economic community in Hesse and the financial centre Frankfurt.
The financial centre agreement is rounded off by an agreement to stage a Hessian-Chinese Economic and Trading Day in Frankfurt. The possibility of setting up a Chinese-Hessian business advisory board is being explored.