The Island is looking to benefit in China’s economic development through the provision of financial products – whether banking, fiduciary services, investment funds or insurance.

The Guernsey delegation will be visiting Shanghai between 1st March and 7th March to speak with local officials and business leaders about the Island, its financial expertise and the beneficial opportunities on offer to Chinese institutions and people.

The delegation will be led by Guernsey’s most senior politician, Chief Minister Mike Torode, as well as representatives of the Jersey finance industry.

The delegation follows on from Guernsey establishing a permanent presence in China. Last December, Chinese national Wendy Weng was appointed to head up an office based in Shanghai. The office will be officially opened at the start of the visit and will mark the launch of the Guernsey brand in China.

The initiative is being facilitated by the China-Britain Business Council (CBBC), an organisation designed to assist British companies in conducting business in China. It offers practical services to many different types of firms, whether they are already established or just starting out in the country.

GuernseyFinance is using CBBC’s Launchpad scheme. Many non-Chinese companies want to quickly set up a base in the country but without having the time and expense of establishing a full representative office. However, under current regulations, foreign companies are unable to employ Chinese staff legally, unless the company is registered in China. Through Launchpad, a British company can recruit an individual of their choice but whilst he or she works on its behalf, they are employed by CBBC and operate from one of its Chinese offices.

During the week the delegation will also meet with local politicians, government representatives and dignitaries, including the Vice Mayor of Shanghai; the Shanghai Financial Services Commission; the Shanghai Stock Exchange; and specific financial services firms already based in the city.

“The fact that we are building on the opening of an office in China by bringing a delegation to Shanghai including the Island’s most senior politician really does illustrate our commitment to China,” observed Peter Niven, Chief Executive of GuernseyFinance.

He continued: “The visit will officially mark the launch of the Guernsey brand in China. The Island’s rich financial services heritage and its position as a leading international financial services centre have never been actively promoted in China before so there is little knowledge of our expertise, innovation and the positive, constructive manner of the way in which we work."

“The delegation is central to raising awareness within government circles and the business community of the Island’s capabilities and the fact that we have an office in China provides us with a platform to continually build and strengthen these links even after the delegation has departed.”

Guernsey Finance has also launched a Chinese version of its website.