Liverpool has signed an agreement that will strengthen its bond with the Chinese city of Guiyang – named the ‘Capital of Crowdfunding’, the capital of Guizhou Province in China’s south west.

The Memorandum of Understanding (MOU) will see the two cities build on existing ties and work together to create a positive, mutually beneficial relationship that draws on synergies resulting from Guiyang’s strengths in financial services expertise coupled with Liverpool’s flourishing start-up economy.

The agreement was signed by Zhijun Li, President of ZY Crowdfunding Industrial Park, Guiyang, and Liverpool Assistant Mayor Gary Millar during a special event at the International Festival for Business 2016 (IFB2016) in Liverpool.

The agreement will enable the creation of a ‘cross-border fund’ that will be invested in by both parties to support innovative and creative enterprises in Liverpool and Guiyang to grow.

 Ellen Cutler, the head of Invest Liverpool, said:

“Liverpool and Guiyang are cities with very complementary strengths.  Our incredibly vibrant small start-up economy is unmatched in the UK, so it makes sense to bring Guiyang’s expertise and experience in developing and exploring innovative financial funding models alongside Liverpool’s thriving start-up economy.

 “Opening out our city region economy to the world and deepening our relationship with global cities that have the ability to complement and boost our existing offering is key for the city region’s  broader development and we look forward to seeing tangible benefits come from this.

 “It’s great to be welcoming representatives from Guiyang back to Liverpool and we’re delighted to be cementing our relationship with this thriving city with a formal agreement.”

The agreement will see both cities actively promote cooperation and leverage their resources and expertise in equity-based crowdfunding, capital market financing, wealth management and asset architecture to create an innovative financial service system that will benefit the economies of both cities.

The agreement follows a visit to Liverpool by a senior delegation from Guiyang in April this year, which was organised by Invest Liverpool. The visit came on the back of a recent trip to Guiyang conducted by Liverpool Deputy Mayor Gary Millar, cabinet member for Business, Enterprise and Investment, and Ellen Cutler, head of Invest Liverpool to encourage trade, investment and other forms of cooperation between enterprises in both cities engaged in the crowdfunding, big data and high technology sectors.