Cooperation with China is a key part of helping London maintain the global competitiveness of its financial services sector, said Chris Cummings, chief executive of The City UK, an association of the country's financial services companies.

Initiatives such as the development of an offshore renminbi center in London and the increasing presence of Chinese companies in the UK are major links between China and the UK's financial services industry, Cummings said.

"It is important for London's and the UK's global standing that Chinese firms are represented in its make-up. There are many Chinese firms already in London adding skills and new products to its diverse and deep markets.