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Work to improve relations with China is paying off

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RELATIONS between Guernsey and China continue to strengthen, primarily through the efforts of the Guernsey Finance representative in Shanghai.

RELATIONS between Guernsey and China continue to strengthen, primarily through the efforts of the Guernsey Finance representative in Shanghai.

Wendy Weng, pictured, has been the island's permanent presence in China since 2007 and as well as supporting and organising delegations to the country, she often attends financial sector events in the region as the agency's representative.

At the Guernsey Finance annual update, she highlighted more signs of progress in securing business from China.

She said that the Chinese market was becoming more aware of opportunities in investment funds and insurance, and particularly wealth management, trusts and family wealth, including the establishment recently of its first family trust company.

'They are gradually accepting the family trust concept, but Guernsey still has an advantage, as China's new legislation has a 50-year time limit and we would expect inheritance tax to be introduced in China in due course.'

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