Shanghai Praise For Guernsey's Financial Stability

By Editorial 29 November, 2013

The Vice Mayor of Shanghai, China has commended the quality and stability of Guernsey's financial services industry.

Tu Guangshao recently met with a delegation from Guernsey, including Chief Minister Peter Harwood, in Shanghai. He applauded the island's "great achievements in financial regulation and development."

Mr Harwood welcomed the endorsement and pointed out that Guernsey's relationship with the vice mayor has strengthened since the island opened a representative office in Shanghai in 2007. He went on to say that both parties are eager to build on this relationship.

The discussions largely centered on a plan by Shanghai to establish a pilot free-trade zone. Mr Harwood noted that the pilot free trade zone presents a great opportunity for Guernsey businesses.

The Guernsey delegation's Shanghai itinerary also included meetings with industry associations, financial services firms and the Shanghai Financial Services Office. Prior to Shanghai the delegation visited Beijing, where it signed a Memorandum of Understanding with the China Securities Regulatory Commission (CSRC) and reaffirmed the Guernsey Financial Services Commission's (GFSC) commitment to a similar agreement signed with the China Banking Regulatory Commission (CBRC) in 2011.

Tags: Investment | Business | Financial Services | China | Guernsey | Regulation | Trade | Free Trade Zone | Services | Expats | Banking |


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