Guernsey Finance to celebrate decade in China

21/08/2017 News Team

Guernsey is to host a celebratory event in Shanghai on 21 September 2017, to mark a decade of its presence in China.

Led by Guernsey Finance’s China representative, Wendy Weng, Guernsey opened its representative office in Shanghai in 2007 and has since attempted to raise the island’s profile in the region and ensuring business flows.

Over the years, several high-profile delegations from the region have visited the island, approval was given for Guernsey-incorporated companies to list on the Hong Kong Stock Exchange and there has been development in relationships with the Shanghai and Shenzhen exchanges.

Furthermore, during the last 12 months, Guernsey has signed four insurance-related Memorana of Understanding (MoU) with its Chinese counterparts. The agreement between the Guernsey Financial Services Commission (GFSC) and the China Insurance Regulatory Commission means that the Guernsey regulator has now signed MoUs with all of China’s financial regulatory bodies.

Deputy chief executive at Guernsey Finance, Kate Clouston, commented: “Guernsey's relationship with China goes back more than just the last 10 years. However, the incredible work that Wendy has been doing in that time has created some important opportunities for Guernsey industry in a market which is often dismissed as too difficult to enter.

"In terms of future economic and business prospects China is arguably the most important market and one in which we will continue to promote Guernsey. We encourage any organisations that are considering China as a future source of business to get in touch."

Ms Weng added: “The hard work done in increasing Guernsey's presence and profile means more and more professionals and financial institutions are thinking of the island as their considered choice when talking about offshore structures for both private and corporate clients.”

Ms Weng concluded: "We are committed to continuing our efforts in the region and we are confident that Guernsey will be China’s chosen jurisdiction in the future."

The anniversary event will take place at the Swatch Art Peace Hotel, and will involve a panel discussion. A senior official from the Shanghai Government is to be confirmed as keynote speaker soon.

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