Peter Niven, the Guernsey group chief executive, and his deputy Fiona Le Poidevin held meetings in both Beijing and Shanghai. In addition to talks with the CBRC, they also met with a number of Chinese Banks, and officials from the Shanghai Stock Exchange, China Trustee Association and Shanghai Bar Association. While in Shanghai, the pair paid a visit to Guernsey representative office that was established there near the end of 2007 to promote the Island financial center.
Also on the itinerary was a stop at the Shanghai offices of law firm Ogier and fund provider International Administration Group (IAG) in a show of support to Guernsey businesses and their operations in China. Both companies set up their respective offices in the Chinese city earlier this year; Ogier is the first offshore legal and administration firm to open an office in mainland China, while IAG recently launched onshore RMB denominated private equity fund administration services in China.
In a press release on August 25, Mr. Niven noted the development of Guernsey image saying e have made real progress in increasing awareness of the Guernsey brand and this is now being assisted by the growing number of firms with a base in the Island who are establishing operations in the Far East and, in particular, China. /p>
On the subject of the agreement with the Chinese banking regulator, he added, e have now met CBRC on several occasions and we had yet further encouraging discussions towards signing a MoU his will be an extremely positive step for Guernsey firms doing business in China and highlights the strengthening relationships between the two jurisdictions. /p>
Chinese officials expressed that Vice Chairman Wang Zhaoxing is planning to visit Guernsey by the end of the year to sign the MoU between the two commissions; news that was well received by the visiting Guernsey Finance group.
This latest visit further cemented relations between the two sides after recent noteworthy bilateral efforts. At the end of 2010, Guernsey chief minister Lyndon Trott signed a Tax Information Exchange Agreement (TIEA) with the Chinese central government tax authorities, as well as another MoU with the Shanghai Financial Services Office (SFSO).
