It's been said that New York City is where the world does business. Well Shanghai's Lujiazui district may soon steal the crown. Often called "the Wall Street of the Orient", more and more foreign investors and business owners are moving in, thanks in large part of late, to China's new Foreign Investment Law. In fact, the mayor of one of Europe's top financial centers is there watching it all unfold. CGTN's Yang Chengxi reports.

Bridging the gap between two of the world's largest financial centers. Representatives from several British fintech companies make pitches to their Chinese counterparts in Lujiazui, Shanghai's financial district. The delegation is led by the Lord Mayor of the City of London.

PETER ESTLIN LORD MAYOR OF THE CITY OF LONDON "So China is a huge market economy with a fantastic customer base. It's also got a great set of large companies. So there are, I think, opportunities for the fintech companies from London to partner."

YANG CHENGXI SHANGHAI "The Lujiazui area is young, with less than 30 years of history. Experts say that the region needs to continue opening its business sectors as it strives to be among the world's top business and financial districts."

PETER ESTLIN LORD MAYOR OF THE CITY OF LONDON "Obviously the recent foreign investment law is a good example of that, encouraging more investment into China."

The new law provides certainty for foreign companies in market entry with an investment negative list. Areas that are prohibited shrunk from 190 in 2013 to just 45 last year. As a result, the city of London, the one square mile center of England's capital and Lujiazui see a greater chance for deeper collaboration.

PETER ESTLIN LORD MAYOR OF THE CITY OF LONDON "And again it's that collaboration in terms of sharing of knowledge, sharing of ideas to create a win-win."

It's not just about market expansion. China is seen as one of the global leaders in financial technologies. Estlin says the UK could join hands with China in the global governance of these new financial sectors.

PETER ESTLIN LORD MAYOR OF THE CITY OF LONDON "As we develop the rules over the internet, over data, over intellectual property, international taxation, even contractual certainty and contractual arrangements, all of these are not catered for in the existing WTO arrangements. So China and the UK could be a great example where we start to lay the foundations for 21st century WTO rule, maybe a WTO mark two."