Global institutions based in Britain's capital have been participating in the China-proposed Belt and Road Initiative (BRI), said Catherine McGuinness, chair of the Policy and Resources Committee of the City of London Corporation.
The BRI is an opportunity for businesses and countries to work together with China on developing important projects, and international businesses such as HSBC and Standard Chartered are already participating in it, according to McGuinness.
Data from HSBC show it has participated in nearly 100 projects under the BRI, and HSBC is committed to being the leading financial partner to clients engaged in BRI projects.
The city of London has a wide range of services to offer to the BRI, from advisory services in establishing projects, over financing to risk management, she said.
As more partners are involved in the BRI projects, the sustainability of these projects needs to be considered, she said, describing the green investment principles announced last year as "the start of the journey."
The Green Finance Committee of the China Society for Finance and Banking and the City of London's Green Finance Initiative published last November the green investment principles to incorporate low-carbon and sustainable development into the BRI.
SOUNDBITE 1 (English): CATHERINE MCGUINNESS, City of London Corporation
"It is very good to see how the Belt and Road projects are being opened out to private financing. One very positive example for instance is the development of the green Belt and Road invest principles which we have been partly involved with."
McGuinness praised the BRI's signature freight train services between China and Europe that connect nearly 100 cities to form an international trade route, taking garments, auto parts, chemicals and other Chinese goods to European consumers, while bringing back European food, machinery, equipment and timber. On some routes, the journeys bound for China have outnumbered these bound for Europe.
She called the freight train services "absolutely welcome."
SOUNDBITE 2 (English): CATHERINE MCGUINNESS, City of London Corporation
"I think China's buying power is huge. Clearly, it is one of the great economies of the world. And that is why people are so interested in partner with China and selling to China and trading with China."
She said that over the past five years, the initiative has evolved from a concept to real projects, and helps tackle some of the infrastructure challenges in some countries and create jobs.
She also said she looks forward to attending the second Belt and Road Forum for International Cooperation in Beijing and hearing China's ideas for further promoting the initiative.
Xinhua News Agency correspondents reporting from London.
