This Is Guernsey

By Simon Tostevin

GUERNSEY’s finance sector can expect to reap the rewards of a visit by officials from China’s largest city soon, according to GuernseyFinance chief executive Peter Niven.

He said it would take time but eventually the delegation from Shanghai that included its vice-mayor, Tu Guangshao (pictured), the director general of Shanghai Municipal Financial Services Office and the president of China Foreign Exchange Currency Trading Centre, would pass on to other finance practitioners in the country their positive views of Guernsey as a good place for business.

During their visit, Mr Tu alluded to doing just that and told the local hosts – who included Chief Minister Lyndon Trott – that Shanghai would like to use Guernsey as a model for further developing its own financial services sector.

‘We won’t see the benefits immediately, but it’s a long-term initiative and is about making contacts and ensuring that people such as the vice-mayor know what we’re about,’ said Mr Niven.

‘We all came away from the day thinking it had gone much better than we could ever have hoped and we are going to have further talks with the Shanghai Stock Exchange and the vice-mayor in April.’

The party’s itinerary last week began with a presentation about the Channel Islands Stock Exchange.

The visitors were also able to see the island from a different perspective by taking a guided coach trip around the coast.

This was added to the schedule after an invitation from Commerce and Employment to set sail on board the Sea Fisheries vessel, Leopardess, had had to be declined due to the rough conditions.

Viewing the island’s coastline was followed by a tour of the States of Guernsey debating chamber and an outline of the island’s history and constitution by Deputy Bailiff Richard Collas. The party was then received at Government House by the Lt-Governor Sir Fabian Malbon and his wife.

Mr Niven said the trip was almost like constructing building blocks with Shanghai, one of the world’s fastest growing economies.

‘They were quite amazed that an island the size of Guernsey should have a stock exchange, albeit shared between two islands and how much it had achieved in 10 years.

‘The number of listings it has acquired in that time also impressed them.’

Mr Niven said the volume of business of an international nature that took place in Guernsey had also captured Mr Tu’s and others’ imagination.

‘They can see how relatively small we are in terms of size and land mass but were very impressed that we punch above our weight.

Article posted on 19th November, 2008 - 2.30pm