Shanghai Mayor meets with Luxembourg Minister of Finance to deepen cooperation in finance

Shanghai Mayor Gong Zheng met with Luxembourg Minister of Finance Yuriko Backes and her delegation on Thursday.

Gong said that China and Luxembourg are friendly cooperation partners and Shanghai is an important link for friendly exchanges between China and Luxembourg.

Currently, the city is accelerating the construction of a socialist modern international metropolis with global influence in accordance with President Xi Jinping's strategic positioning for Shanghai's development. Finance is the core of modern economy and one of the most important urban functions in Shanghai. Luxembourg has a developed financial industry and has formed many successful experiences. We hope that both sides deepen exchanges and cooperation in finance and other fields, promote the opening and cooperation of the financial market, and build a strategic pivot for global asset flows and deep integration, Gong said.

We look forward to strengthening cooperation in green financial services to support the development of green and low-carbon industries and the transformation and upgrading of traditional industries, achieving higher-level mutual benefit and win-win results. At the same time, we warmly welcome Luxembourg to participate in the Lujiazui Forum and China International Import Expo held this year, the mayor added.

Backes said that facing the global trend of rising trade protectionism, as an open economy, Luxembourg always adheres to and promotes openness to the outside world. Luxembourg and Shanghai are both global financial centers. She hopes both sides can continue to uphold mutual respect and trust, and deepen cooperation in the fields of green finance, climate change, and other areas.

Luxembourg encourages financial institutions to develop in Shanghai, and also welcomes Chinese and Shanghai financial institutions to set up their European headquarters in Luxembourg and expand the European market.