The Year Of The Rabbit: A Look Ahead To Growing Relations Between Mainland China And Jersey

• Published date: 08 March 2023
• Subject Matter: Finance and Banking, Financial Services
• Law Firm: Jersey Finance Limited
• Author: Maria McDermott

In an article first published on the Jersey Finance WeChat Official Account, Maria McDermott, Business Development Consultant - Asia, offers her views on what the year ahead holds for Jersey's IFC and its work and relationship with mainland China.

After a challenging few years in mainland China, we enter the new year with hope of an easier business operating environment and a brighter 2023. While writing this, global investment banks are revising their 2023 GDP forecasts for mainland China upwards, predicting that recent easing of COVID-19 restrictions will result in an earlier and sharper rebound of activity during 2023.

Changes over recent years to encourage more foreign financial services firms to enter the market in mainland China, together with the Chinese Government's prioritisation of economic growth, makes for a promising year ahead for the financial services sector.

Despite the challenges of 2022, Jersey Finance, as the voice of Jersey's international finance centre (IFC) on the global stage, has continued to meet with new intermediaries and attend events within mainland China to promote Jersey as a leading IFC. Our presence on the ground has strengthened new and old connections with intermediaries from multiple financial service sectors, including wealth management, family office, investment funds, Environmental, Social and Governance (ESG) and foreign direct investment.

In addition, the number of Jersey Finance Member firms providing financial services in mainland China has remained consistent, with many firms looking to return to mainland China as soon as the border re-opens for business travel, or considering the setup of a permanent presence in mainland China.

Jersey's world class reputation as a leading IFC continues, winning 'Best International Finance Centre' at theWealthBriefing Asia Awards 2022and 'International Finance Centre of the Year' at theCitywealth International...