Experts say China has the fastest growing economy, and the event aims to show the importance of trade links between London and Chinese business.

Chinese ambassador Zha Peixin will attend, along with Sir Stephen Brown, of UK Trade and Investment, and Michael Charlton, of Think London.

The Mayor is hosting the reception at London's Victoria and Albert museum.

Ken Livingstone and others in the business community in London want a piece of the Chinese action Jonathan Moules, Financial Times

The Financial Times' UK business correspondent, Jonathan Moules, told BBC News that improving links with the Chinese could prove lucrative for London.

He said: "China's is the fastest growing major economy in the world and the estimates are that by the middle of this century it will over take the US as the world's largest economy.

"And just as we enjoy good trade links with the US, Ken Livingstone and others in the business community in London want a piece of the Chinese action.

"Traditionally Chinese companies have been going to Germany but there are signs that London is gaining favour over Germany and more companies are choosing London as their port of call or to set up a European headquarters."