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Jersey Touts Offerings In China, Signs MoU

by Mike Godfrey, Lowtax.net, Washington
11 April, 2014

Jersey's Chief Minister and representatives from Jersey Finance and the local regulator met with government and business representatives in China during three day meetings from April 8-10, 2014, to discuss financial services, the digital economy, and trade.

Chief Minister Ian Gorst is leading the delegation, which is visiting Beijing and Shanghai.

The visit was planned to follow up Gorst's previous visit to China in July 2013. "It is important that the Government of Jersey continues to engage with the world's second largest economy," he explained.

"Official government visits support the creation of new business links with China, which in turn bring long-term economic benefits to the island. Visits of this kind also help to promote Jersey's culture and identity abroad, which is important for the reputation of the island."

During the visit, a Memorandum of Understanding (MoU) was signed between the Jersey Financial Services Commission (JFSC) and the China Securities Regulatory Commission (CSRC). The MoU was signed by John Harris, Director General of the JFSC, and the Vice Chairman of the CSRC, Liu Xinhua, on April 9, 2014, at the CSRC's office in Beijing.

Providing the basis for a framework of cooperation and information exchange, the MoU paves the way for allowing Jersey-domiciled funds to participate in the Qualified Foreign Institutional Investor and Qualified Domestic Institutional Investor programs. As such, it will be beneficial to Chinese investors considering investing into other markets through Jersey.

Richard Corrigan, Deputy CEO, Jersey Finance, said:

"The MoU builds on Jersey's long established relationship with the PRC. It is a real statement of intent from both sides to communicate and cooperate more closely in the future. Jersey is now extremely well placed to realize the growing number of inward and outward investment opportunities being made available by the continued liberalization of the Chinese economy."

During the visit, Jersey Finance was also represented at SuperReturn China, the leading Chinese Private Equity and Venture Capital event in Beijing. Jersey Finance was sponsor of the opening day cocktail reception and a co-sponsor of the two-day event, which was attended by more than 300 attendees and 100 international and local Limited Partners.

During meetings over the three days, Jersey took the opportunity to publicize its offerings to Chinese investors. As well as providing fund and corporate vehicles for outbound Chinese investments, these include listing opportunities for equity and so-called dim sum bonds, and structuring offshore renminbi (RMB) instruments using Jersey vehicles.

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