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China, Guernsey Agree Financial Services Partnership

by Mary Swire, Tax-News.com, Hong Kong

03 May 2013


During a four-day visit to Guernsey, the Chinese ambassador to the UK, Liu Xiaoming has pledged to work with Guernsey towards a number of initiatives to boost Guernsey's access to the Chinese market, in particular in the financial services sphere.

Fiona Le Poidevin, Chief Executive of Guernsey Finance - the promotional agency for the island's finance services industry, said: "We had a series of very productive meetings with the ambassador and his officials during their time in Guernsey. The result is that there are a number of cultural and commercial initiatives which we all recognized could be of benefit to both jurisdictions and therefore both parties have agreed to undertake further work on these so that they can be progressed as quickly as possible."

"One of the areas where the ambassador recognized the potential mutual benefit of working together is financial services. For example, we are looking to consolidate the number of banking institutions based in the island. Chinese banks would benefit from basing themselves here by being able to continue to service their clients when they become globally mobile and especially those who establish business operations in Europe.

"In addition, Guernsey can provide a gateway through which structures, including funds, can be established for investing out of and into China. Chinese clients might use a Guernsey vehicle for accessing European capital markets or alternatively, managers and investors globally might use funds domiciled in Guernsey for investing into China. There is still much work to do but as long as we play our part then the ambassador has agreed to assist us in our work."

Guernsey Finance established a representative office in Shanghai in 2007 and since then a number of senior-level visits have been hosted by both territories.

Liu's predecessor, Fu Ying, visited Guernsey in 2009 and a delegation from Guernsey visited her in Beijing the following year when she had become Vice Foreign Minister in the Chinese Government. It was shortly after this visit that Guernsey and China signed a Tax Information Exchange Agreement.

TAGS: Finance | tax | business | fiscal policy | banking | financial services | capital markets | international financial centres (IFC) | China | Guernsey | offshore | offshore banking | services

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