Island signs MoU with key Chinese business centre

GUERNSEY has signed another memorandum of understanding with a key Chinese business centre.

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Guernsey Finance chairman and vice-president of the Policy & Resources Committee Lyndon Trott signing the latest Memorandum of Understanding on captive insurance between Guernsey and China. Deputy Trott is seated alongside the Beijing Airport Economic Core Zone Deputy Director Jie Hu.

Just a day after a regulatory insurance agreement was signed, Deputy Lyndon Trott, chairman of Guernsey Finance and vice-president of the Policy & Resources Committee, confirmed an agreement with the Beijing Airport Economic Core Zone on behalf of the promotional agency.

The agreement sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange to promote the viability of the Chinese captive market and wider communication between China and the global captive industry.

They will also encourage the efforts of Beijing Shunyi to become the regional captive domicile centre of China and support Chinese business in setting up captive insurance companies domestically and internationally.

‘This MoU further reflects our commitment to build and develop our cross-border communication with China, specifically the Beijing Airport Economic Core Zone – a key hub for China’s industrial, business and creative sectors,’ said Deputy Trott.

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