Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

8375

Guernsey cements relationships in Shanghai and Beijing

RELATED TOPICS​

Representatives from Guernsey Finance visited China last week to further strengthen relationships in Shanghai and Beijing.

Peter Niven (pictured), Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry internationally and Fiona Le Poidevin, Deputy Chief Executive, spent two days in Shanghai and three days in Beijing.

Their itinerary included a visit to the Island’s representative office which was established in Shanghai at the end of 2007, as well as meetings with several Chinese banks, the China Banking Regulatory Commission (CBRC), the Shanghai Stock Exchange (SSE), the China Trustee Association and the Shanghai Bar Association.

In addition, the pair also visited the Shanghai operations of law firm Ogier and fund administrator International Administration Group (IAG), who have both established a presence in the city during this year.

“This is the first time Fiona has visited China since she joined us at the end of March and so it was a very good opportunity for her to see firsthand how we have developed our representation in the country during the last three and a half years,” says Niven.

“We have made real progress in increasing awareness of the Guernsey brand and this is now being assisted by the growing number of firms with a base in the Island who are establishing operations in the Far East and in particular, China. It was very useful to visit the offices of Ogier and IAG in Shanghai as a way to better understand their businesses and also to be able to offer any assistance we can provide in dealing with governmental or other officials.”

At the end of last year, the Guernsey Government signed a Tax Information Exchange Agreement (TIEA) with the Chinese central government tax authorities and a Memorandum of Understanding (MoU) with the Shanghai Financial Services Office (SFSO).

Niven highlighted the meeting with the Chinese banking regulator, CBRC, as another step on the road to it signing a MoU with the Island’s financial services regulator, the Guernsey Financial Services Commission (GFSC). It is expected that Vice-Chairman Wang Zhaoxing will visit Guernsey later this year to sign the agreement.

Niven says: “We have now met CBRC on several occasions and we had yet further encouraging discussions towards signing a MoU. In fact, we were told that Vice Chairman Wang specifically wants to visit Guernsey to complete the signing of the agreement and we are hopeful that he can find the time so that this can be completed by the end of the year. This will be an extremely positive step for Guernsey firms doing business in China and highlights the strengthening relationships between the two jurisdictions.”

Niven and Le Poidevin also met with Chen Wen, Director of European Affairs within the office of Fu Ying, Vice Foreign Minister in the Chinese Government. They held further discussions about the proposed student exchange programme which is due to commence this October with a group from the Guernsey College of Further Education spending a week at a school in the home town of Fu Ying, Hohhot, Inner Mongolia.

Niven adds: “We have made a number of very good contacts in China during the past few years and last week’s visit provided a further chance for us to cement relationships in Shanghai and Beijing across a number of areas and not just finance, although this remains our primary focus and the outlook from this trip is very optimistic in terms of attracting business from the region to Guernsey.”

A Guernsey Finance delegation will be visiting Singapore and Hong Kong at the start of November. This will include promoting the fact that earlier this year Guernsey companies were given the green light to list on the Hong Kong Stock Exchange (HKEx) and give support to local firms such as Ogier, IAG, Nerine and Louvre who have established offices in Hong Kong and Collas Crill which has opened up in Singapore.
 

Latest News

Amid a challenging fund-raising environment, regulatory changes and technological advancements, distribution strategy is more important..
Theta Capital has launched its fourth Theta Blockchain Ventures vehicle to invest in core blockchain..
Rabobank has completed a series of groundbreaking pilots to execute more than EUR2 billion in..

Related Articles

British pound coin
Fixed income’s return to favour following widespread interest rate rises has led to investors overcrowding sterling investment grade credit, delegates at the Pensions and Lifetime Savings Association investment conference have heard...
Fixed income’s return to favour following widespread interest rate rises has led to investors overcrowding sterling investment grade credit, delegates..
Sustainable Economy Top Panel
Europe is driving the growth in sustainable investment with global assets under management in ESG-labelled funds passing USD2.8 trillion...
Europe is driving the growth in sustainable investment with global assets under management in ESG-labelled funds passing USD2.8 trillion...
Pension funds
UK institutional investors are questioning the value of investing in private markets despite pressure from government to finance the country’s net zero and levelling up ambitions...
UK institutional investors are questioning the value of investing in private markets despite pressure from government to finance the country’s..
Juan Nozal, Mapfre Asset Management
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024, in what he predicts will be an outstanding year for this asset class...
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024,..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by