The Guernsey Government has signed a Statement of Cooperation
with the Beijing Municipal Bureau of Financial Work.
The agreement to cooperate in the promotion of common prosperity
and development across both jurisdictions was signed in Beijing
today by Kevin Stewart, Guernsey's Commerce and Employment
Minister and SHEN Hong, Vice Counsel of the Beijing Municipal
Bureau of Financial Work.
The Minister said: "This agreement demonstrates our
continued commitment to not only China but Beijing specifically. It
represents the next phase of our relationship to cooperate,
exchange ideas and trade together more extensively in the future.
We are looking forward to sharing in the mutual benefits of this
The Minister formally invited Mr SHEN and a delegation from
Beijing to visit Guernsey, which was accepted. Mr SHEN said that he
was excited to learn about Guernsey and its finance industry and
that signing the agreement moves forward the cooperation between
Beijing and Guernsey.
He said it was a good time in the Chinese calendar for the
Guernsey delegation to be visiting Beijing where the economy is
performing steadily and there is scope for finance sector
Mr SHEN said that Beijing was still a relatively traditional
finance centre, with 80% of all assets owned by banks and he was
hoping to learn from Guernsey about not just its banks but also its
investment funds, captive insurance and wealth management
Prior to signing the agreement, a meeting was held with the
wider Guernsey delegation including Fiona Le Poidevin, Chief
Executive of Guernsey Finance - the promotional agency for the
Island's finance industry; Mark Bright, Chairman of the
Association of Guernsey Banks and Managing Director of Kleinwort
Benson's Offshore Business; Mark Huntley, Director of Heritage
Group; and Alan Chick, Chairman of Richmond Fiduciary Group.
Miss Le Poidevin said: "I am delighted that this agreement
has been signed. It shows the strength of Guernsey's
relationship with Beijing and is a statement of intent for
developing this further in the future."
She added that Guernsey Finance would work with the equivalent
organisation, the Beijing Financial Development Centre, to
facilitate exchange programmes, training courses and educational
workshops between the two centres. She said that Guernsey Finance
would work with local industry associations and their member firms
to identify opportunities for them to participate in the
cooperation between Beijing and Guernsey.
The Guernsey Government signed a similar agreement with the
Shanghai Municipal Financial Services Office in 2010.
Guernsey's financial services regulator, the Guernsey Financial
Services Commission (GFSC), has signed agreements with the
Beijing-based China Banking Regulatory Commission (CBRC) in 2011
and the China Securities Regulatory Commission (CSRC) in 2013.
The signing ceremony took place during a two-week delegation to
Hong Kong, Shanghai and Beijing comprising Guernsey Finance
representatives and members of the Island's finance industry.
This included sponsoring the STEP Asia conference in Hong Kong,
hosting a private wealth event in Shanghai and meeting government
bodies, industry associations and financial services firms in both
Shanghai and Beijing.
Virtual currency trading value and volume is soaring globally, but regulating virtual currencies and those who provide virtual currency exchange services (Exchangers) is challenging.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).