He said that financial services currently accounted for just 10% of Shanghai’s gross domestic product but it would be seeking to expand this sector in the future.

“We have much to learn from Guernsey…Guernsey will be a very good partner for us,” said the Vice-Mayor, who added that there would be benefits for Guernsey as well.

Guangshao added: “Guernsey would also like to find more opportunities elsewhere in the world and in that sense Guernsey and Shanghai have a lot of complementary areas.”

The Vice-Mayor was in Guernsey yesterday after accepting an invitation from Chief Minister Lyndon Trott to extend a planned trip to the UK by visiting the island.

The Chief Minister, clearly pleased with the outcome of the meeting, said: “It was a pleasure to engage with him and his delegation and I am certain that this is the latest stage of a long and fruitful relationship between us and Shanghai.”

Chief Executive of Guernsey Finance Peter Niven said: “The Vice-Mayor's comments are a major endorsement of the Island as a leading international finance centre. All in all, the visit was a great opportunity to cement our strengthening relationships between Guernsey and Shanghai – the major financial services centre in China.”

Also included within the visit was a meeting between Zhang Yujun, President of the Shanghai Stock Exchange and other delegates and officials from the Channel Islands Stock Exchange (CISX) - Chinese officials were shown how the CISX has developed.