The Chinese Ambassador to the United Kingdom has commended Guernsey's promotional work in her homeland.
During a visit to Guernsey on Friday (6 November), Her Excellency Madam Fu Ying praised the Island for its innovative and bold decision to establish a representative office in Shanghai.
She also offered Guernsey the use of the Chinese Embassy in London for assistance in any future projects.
Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island's finance industry, said: "Madam Fu's visit highlights the very strong links Guernsey has built with China and the desire from both jurisdictions to see these grow going forward. We used this opportunity to brief her about our initiatives such as our recent delegation to Singapore, Hong Kong and Shanghai. In fact she was already very well informed about our work, including the strong relationships with Tu Guangshao, the Vice-Mayor of Shanghai and Dr Fang Xinghai, Director General of the Shanghai Municipal Financial Services Office, as well as the city's leading introducers of business.
"She emphasised that having a representative office in Shanghai – as opposed to Hong Kong – was strategically important for the development of relationships in the Chinese market. In addition, Madam Fu encouraged us to continue with our programme and said that she and the Chinese Embassy in London would be available to assist in planning and executing new initiatives."
Madam Fu arrived in Guernsey on Friday morning for a 24 hour visit to enhance economic, trade and cultural links. She was met by the Lieutenant-Governor, Sir Fabian Malbon, before meeting Chief Minister, Lyndon Trott, and Commerce and Employment Minister, Carla McNulty Bauer.
She then visited the offices of Kleinwort Benson to speak with Mr Niven, Wendy Weng – Guernsey's representative in Shanghai, and members of the Island's finance industry.
"I found it very useful. We have a saying in China – hearing 100 times is not as good as seeing it once. I've learnt a lot," said Madam Fu.
"China is in an important transition. Our economy has been more and more integrated with the global economy. Chinese companies, generally speaking, are young and not so experienced with the global environment."
Madam Fu added that China wants to turn Shanghai into its financial centre and that Guernsey was a good place with which to work because of its strong finance, legal and accountancy sectors.
"I can't speak for the Chinese companies, but I'm definitely passing on the message," she said.
Mr Niven added: "We have been seeing signs of real progress from our work in China, including the prospect of business flows. This visit has further strengthened our relationships and provided added impetus for us to work even closer with our colleagues in China and in particular Shanghai for the mutual benefit of both jurisdictions as international finance centres."
Madam Fu was also shown a wider perspective of life in the Island through visits to the Royal Courts, the Guernsey Museum and Gardens and given a sight of the sea and beaches during a tour around the coastline.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.