Shanghai Mayor Ying Yong met City of London's Lord Mayor Andrew Parmley in Shanghai last week.
City of London is a city within London and is one of the 33 authority districts in London.
Ying said that Shanghai became sister city of City of London in 1996 and the two cities shared the common goal of promoting financial development and fruitful cooperation.
Following the Chinese central government's strategies, Shanghai will strive to become an international financial center compatible with China's economic power and yuan's international status by 2020. To achieve this goal, Shanghai is working under the direction from the central government's financial regulators to promote financial opening and innovation and improve the financial market system, the mayor said.
Ying continued that Shanghai will further expand the Renminbi product market, attract functional financial institutions, optimize the financial development environment, attract financial talents and better serve and promote real economy in the next step.
He noted that City of London is the world's famous financial center and has gained much valuable experience in its long development particularly in fields such as optimizing environment, opening the market, managing institution setting and training financial talents, which Shanghai should learn from.
The mayor welcomed City of London to use its advantages to actively participate in Shanghai's efforts to construct China (Shanghai) Pilot Free Trade Zone and become a global innovation center in science and technology to further enhance cooperation between the cities.
Parmley said that City of London has long-time friendly ties with Shanghai and is closely connected to Lujiazui Financial District.
The Lord Mayor said that Shanghai is competitive in fields of innovation, creative industry and financial services. City of London is willing to further enhance cooperation with Shanghai to actively promote the liberalization of Renminbi and create more concrete fruits for the golden age of British-Sino ties.
British Consul-General in Shanghai John Edwards also joined the meeting.