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China is designing a net-new city called Xiongan, which will feature a large fintech center. The center will be designed by the London's Canary Wharf Group, underscoring London's strength as a fintech leader despite Brexit.
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. U.K. Prime Minister Theresa May visited Beijing last week and a joint venture between the two countries to develop the fintech project was announced by China’s Commerce Ministry, which gave few details. The cooperation comes as China opens its financial sector further to the outside world, with plans to ease limits on foreign ownership of banks and brokerages.
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