Financial hub rolls out red carpet

The City of London, a geographically small city of about one sq mile radius within Greater London and its financial services hub, would welcome any acquisitions by Chinese companies as long as they are long-term investors, the Lord Mayor of the City of London Corporation, which is the municipal governing body of the City of London, told China Daily in London.

"The UK is an open economy. We welcome inbound investments," said Ian Luder. "So, if China Investment Corporation (CIC), the Chinese sovereign wealth fund, decides to buy stakes in UK banks, it will be good news; the UK will not restrict such ownership."

Luder said he believed the worst was over for banks, and that they would start to recover from the effects of the financial crisis by the first quarter of next year. He elaborated on that by citing two examples.