Sunday 18 August 2019
Select a region

Economist urges Jersey to boost business with China

Economist urges Jersey to boost business with China

Friday 17 May 2019

Economist urges Jersey to boost business with China


Jersey's finance sector could benefit substantially from boosting its links with China as a "new Silk Road" emerges, a chief economist has said.

Jinny Yan, ICBC Standard Bank’s Chief China Economist, recommended Jersey sets itself aside from other competitors by using its status as a small international finance centre to its advantage to attract new business in China.

"Jersey must publicise itself as different: what does it have to offer Chinese individuals and corporates as a financial centre? Jersey will have a lot that is unique and from a strategic perspective, as a small jurisdiction, it can position itself as it wishes in front of the Chinese market. That flexibility is a competitive advantage in itself," she said during a recent event held by Standard Bank at the Pomme D’Or.

IFC5.png

Pictured: Jersey should capitalise on its status as a small international finance centre, Ms Yan said.

Commenting on the state of the Chinese economy and potential for international finance centres such as Jersey, Ms Yan said the the Chinese economy is restructuring towards "a consumption-led, quality-seeking high-end manufacturer", and that international financial centres can position themselves to provide the "much needed financial and professional services".

"When seeking to attract more business from China, or exploring how China will impact your business in the future, it is essential to understand China’s key initiatives," she added.

"For example, the ‘Belt and Road Initiative’ is a global infrastructure initiative that more than 150 countries and multilateral organisations are formerly involved in. Due to the large size and high degree of country risk, these projects often require co-financing and co-management of risk and operations between Chinese and international entities. This presents new opportunities for international financial centres.

"Green and sustainable development has become a top priority for China’s leadership since becoming the second largest economy in the world. With a mutual interest in ESG-based investments, international financial centres could look to China to partner on new products and asset classes."

Sign up to newsletter

 

Comments

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?