Guernsey: Guernsey Officials Meet With Shanghai’s Vice-Mayor
Last Updated: 10 March 2008

A team of Guernsey officials led by Chief Minister Mike Torode today met with Tu Guangshao, Vice-Mayor of the Shanghai People’s Municipal Government.

Senior government figures and business leaders from Guernsey are in the city this week promoting the Island’s professionalism and expertise in financial services.

The Chief Minister was joined in the discussions with the Vice-Mayor by Mike Brown, Chief Executive of the States of the Guernsey – the Island’s top civil servant – and Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island’s finance industry.

"The welcome we received from the Vice-Mayor was exceptionally warm," said Mr Niven.

"The Vice-Mayor was extremely well briefed on the Island and its position as an international finance centre and praised the efforts of government and the regulatory authorities in creating a well regulated industry ensuring that the Island stands shoulder to shoulder with many much larger jurisdictions. The Chief Minister was able to give the Vice-Mayor a history of the Island and in particular those areas where Shanghai and Guernsey have collaborated effectively on issues such as care for the elderly and the charity ‘Care for Children’.

"In particular, the Vice-Mayor was impressed with the calibre of the delegation which clearly shows Guernsey’s commitment to the initiative. He gave his assurance that he would do all he could to foster better relationships between us for the future.

"The Vice-Mayor commented on how this should provide us with a solid platform to build and strengthen our links in the city even after the delegation has departed and that he hoped Guernsey and Shanghai could work together well into the future. One area he was concerned to see happening speedily was an exchange of personnel and particularly in the regulatory area where he believed that Shanghai has a lot to learn from Guernsey’s experiences."

Mr Niven added: "This meeting with the Vice-Mayor was the most positive yet on the visit and cemented very firmly the relationship between Guernsey and Shanghai, with the hope from all parties that this grows strongly to mutual benefit over the course of the coming months and years."

Guernsey’s delegation party includes, as well as the Chief Minister, Mr Brown and Mr Niven, also: a dozen leading members from across the Island’s finance industry; other members of GuernseyFinance; and two representatives of the Guernsey Financial Services Commission (GFSC) – Peter Moffatt, Director of Investment Business and Michael Graham, Deputy Director of Insurance.

The delegation team has already met with representatives from the British Consulate, the China-Britain Business Council (CBBC), the Bank of China and the Shanghai Stock Exchange, as well as holding discussions with Ma Hong, Vice-Chairman of the Shanghai Municipal Government Financial Services Office, who also attended the opening in the Guernsey office in the city.

Meetings have also begun with specific financial services firms based in the city and will continue tomorrow which is the final day of the week-long visit.

Guernsey has already launched a Chinese version of its website to help communicate its messages within China.

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