21 December 2005
London City Lord Mayor David Brewer welcomes China’s rise up
world GDP rankings
David Brewer, China expert and Lord Mayor of the City of London
financial and international business district, welcomed today's
(Wednesday) news that China is poised to become one of the top four
world economic powers, saying:
“China's economic growth is good for world business as its
growing prosperity means the entire business "cake" is bigger.”
Lord Mayor Brewer was speaking after the Chinese National Bureau
of Statistics reported that China’s economy is 16.8% larger than
initially expected (BBC Business 20/12, Financial Times 21/12).
This means that China is going to displace Britain as the world’s
fourth biggest economy. Currently, China is in the sixth place
behind the US, Japan, Germany, the UK and France, with Italy in
seventh.
“This news is the realisation of China's big-league status,
which is good for the UK as world-wide wealth is grown by China's
new strength. We all benefit, especially international business
centres such as London.”
Brewer, who was elected last month as head of the Corporation of
London which runs the Square Mile business district in London, has
already visited China 102 times as a leading insurance
businessman.
He recently welcomed China's President Hu Jintao to a State
Banquet at the Guildhall when the Corporation announced it had
opened two City Representations in both Beijing and Shanghai.
His first official business visitors, as Lord Mayor, were
Shanghai insurers and regulators and last Wednesday he met Chinese
financial institutions based in London, including the
representatives from Bank of China and People’s Insurance Company
of China.
The Corporation of London's recent report –
The Competitive Position of London as a Global Financial
Centre, showed London and New York neck and neck in
international finance, leaving other financial centres behind.
However, the report also said that a third world centre may emerge
over the next decade, and if so, it would be in China, possibly
Shanghai.
Currently, there are six Chinese companies listed on the main
market of the London Stock Exchange (including Air China, listed in
December 2004) and 14 Chinese companies listed on Alternative
Investment Market (AIM) for smaller and growing businesses.
Notes to editors
For further information or to interview the Lord Mayor, please
contact Loretta Lui at the Corporation of London’s Press
Office on 020 7332 1528; mobile 07770 803 589 or
email
Alderman David Brewer was elected as the Lord Mayor of the City
of London in September 2005 and he took his office in November
2005. With the status of a Cabinet Minister when travelling
overseas, the Lord Mayor of the City of London is the ambassador,
both at home and abroad for the City, the world's leading
international financial and business centre. In addition, the Lord
Mayor holds office for one year and during that period he is the
head of the Corporation of London, which provides local authority
services for London's Square Mile, Chief Magistrate of the City of
London, Admiral of the Port of London, and President of the City of
London Reserve Forces and Cadets Association.
In March 2006, Lord Mayor David Brewer is going to visit
Southern China (Hong Kong, Shenzhen, Guangzhou, Chongqing and
Chengdu) with a business delegation.