On Friday after work, Chinalux held its annual Chinese New Year reception at the Chambre de Commerce in Luxembourg-Kirchberg.
Carlo Thelen, Director General of the Chambre de Commerce, reminded the 450 attendees that it has been 10 years since the Chambre de Commerce started to host this annual event. He referred to the bad start to the year on money markets that indicates that all is not well in the world's economy. However, he feels that it signifies a rebalancing of the Chinese economy as it proceeds to a sustainable economy. He welcomed the presence of the Chinese banks in the Grand Duchy and referred to the project of the dual hub strategy to link freight cooperation between the two countries. He stated that the Chamber will lead a trade delegation to visit Shanghai, Beijing and Hong Kong in the first week of May, with Minister Etienne Schneider, with a financial delegation following in May, led by Finance Minister Pierre Gramegna.
Laurent Mosar, Vice-President at the Luxembourg Parliament, welcomed the Year of the Monkey, which he stated signifies optimism in the areas of finance and real estate, and is ideal for taking risks, with the monkey carrying much spiritual energy. On relations between the two countries, he said that political relations are excellent.
Huang Changqing, Ambassador of China to Luxembourg, talked about the Chinese economy becoming the most important in the world, with social and societal progress advancing due to reforms being implemented. Economic growth is currently between 7.5 - 8%. He referred specifically to the collaboration between HNCA and Cargolux and the Chinese investment in Luxembourg companies as well as the presence of Chinese banks in Luxembourg.
Shirley Lam, Special Representative for Hong Kong Economic and Trade Affairs to the European Union, admitted that she was born in a previous year of the monkey. She said that Luxembourg and Hong Kong enjoy strong financial links, with Hong Kong being the largest offshore Renmimbi centre, with Luxembourg the second largest. She mentioned Luxembourg's Minister of Finance, Pierre Gramegna, who visited Hong Kong last month to speak at a financial forum. On innovation, 2015 saw a 46% increase in start-ups registering in Hong Kong, and referred to FinTech in this regard. She talked about the mutual recognition of funds arrangement between the Mainland of China and Hong Kong; together with the Shanghai-Hong Kong Stock Connect providing a wider choice of renmimbi investment products in Hong Kong and helping promote the internationalisation of the renmimbi. She also talked about Hong Kong's involvement in the new Silk Road Economic Belt and the 21st Century Maritime Silk Road, (the “Belt and Road Initiative”), to promote major infrastructural development.
Dirk Dewitte, Chairman of Chinalux, the China - Luxembourg chamber of commerce, mentioned that there are plans for eLearning initiatives between universities in Luxembourg and China, in addition to other current economic and financial ties. He said that Chinalux will be organising a BRIC event again in 2016, as well as breakfast and lunch seminars.
With the formal part of the evening having concluded, those attending enjoyed a walking dinner and a musical performance by musicians from Hong Kong, of music from Guangdong.
Photo by Geoff Thompson (above, L-R): Dirk Dewitte, Chinalux; Amb Huang Changqing; Laurent Mosar, Luxembourg Parliament; Shirley Lam, Hong Kong Economic and Trade Office; Carlo Thelen, Chambre de Commerce.
