Shenzhen Mayor Li Hongzhong and Alderman Robert Finch, the Lord Mayor of The City of London, shake hands after signing a memorandum of understanding on cooperation at Wuzhou Guest House on Tuesday. According to the memorandum, London and Shenzhen will explore areas of cooperation.

Shenzhen Mayor Li Hongzhong and Alderman Robert Finch, the Lord Mayor of The City of London, signed a memorandum of understanding on cooperation at Wuzhou Guest House on Tuesday.

While Li called it a "milestone," Finch described it as "historic."

According to the memorandum, London and Shenzhen will explore areas of cooperation so that Shenzhen can learn from London's experience in building an international financial center and London can also benefit from Shenzhen's financial development. The document is also aimed at furthering mutual investment in each city.

Finch, the fourth Lord Mayor of the City of London to visit Shenzhen, was on a one-day visit. He told Li during their meeting that the London Stock Exchange had opened its Hong Kong office just the previous day, which could help Chinese companies raise working capital.

Finch said London could offer world-class knowledge and experience in financial and advisory services and skills that had underpinned the U.K.'s position as the world's fourth largest trading nation.

"The U.K. is also a global hub for international finance," he said. It could share many of its skills with Shenzhen whether the city was developing international business or domestic investment in China.

Finch said that, as a lawyer, he would also like to see the two cities cooperate on legal and banking services as well as infrastructure.

Mayor Li compared the memorandum to a new chapter of financial cooperation between the two cities. Calling London "Europe's financial capital" and a "financial kingdom," he said Shenzhen paid very close attention to cooperation with and learning from international financial centers.

"The City of London is our best cooperation partner," he said.

Li said that with the signing of the memorandum, the two cities should work quickly to identify areas where cooperation could be materialized. He also urged a working mechanism between the two sides be established.

Editor: Donald