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The Chinese Ambassador to the UK, Liu Xiaoming, has encouraged Guernsey’s continued progression in China after a meeting with Guernsey, chief minister, Peter Harwood.
Since establishing a representative office in Shanghai in 2007, Guernsey has worked with the Chinese authorities on a number of projects. The Guernsey government signed a tax information exchange agreement (TIEA) with the Chinese central government tax authorities in October 2010 alongside a memorandum of understanding (MoU) with the Shanghai municipal financial services office in November.
The Guernsey financial services commission also signed a statement of cooperation with the Chinese banking regulatory commission in November 2011.
Guernsey’s endorsement comes after a recent two-week trip to Asia to including an international fiduciary conference in Hong Kong.
Commenting on her recent trip to Asia, chief executive, Fiona Le Poidevin, said: "Our trip to China was once again very productive. [The Asian market was] particularly interested in our captive insurance sector. There are currently only two captives in China, as it's still a relatively new concept to them, but one they are eager to learn more about.”