Canary Wharf Group to Help China Build Its New Financial Center
- Firm signed agreement to work on fintech city, U.K. envoy says
- Richard Burn says it won’t copy London’s financial district
This article is for subscribers only.
China’s plans to build a fintech center in a new city being built southwest of Beijing will get a hand from Canary Wharf Group Plc, the developer behind London’s famed business district.
The new city, known as the Xiongan New Area, is part of President Xi Jinping’s vision to shift various industries and government functions out of the capital and create a tech and innovation hub in the process. Canary Wharf has signed a memorandum of understanding with the state-backed Bank of China Ltd. and Xiongan Construction Co. to develop the fintech zone, according to Richard Burn, the U.K.’s new trade commissioner to China.