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Beijing Mayor Liu Qi recently told visiting Lord Mayor of the City of London Michael Oliver that Beijing stands ready to welcome all world-renowned financial agencies who wish to open businesses in Beijing "with open arms".

Liu, the newly-named secretary of the Beijing Municipal Committee of the Communist Party of China, told the guests here that Beijing is making great efforts to develop its tertiary industries, especially in the financial sector.

The secretary also remarked that China's WTO entry, together with the success of Beijing's bid for the 2008 Olympic Games, have generated enormous opportunities for the city.

Liu explained that Beijing is currently working hard to build a central business district in the eastern part of the city, noting that the financial district in the western part of the city is already in operation. These facilities have been put in place with a view to welcoming major international financial companies to Beijing in the coming years.

Michael Oliver, comparing Beijing to the city he saw during his first visit to China two decades ago, said that he was amazed at the changes taking place in the capital and expressed interest in joining hands to provide financial services in preparation for the 2008 Olympic Games.