Luxembourg, China Look at Strengthening Relations in Finance

Luxembourg's Minister of Finance, Gilles Roth, visited China from Saturday 4 to Tuesday 14 January 2025 as part of a financial mission with Luxembourg for Finance (LFF) to strengthen relations between the two countries.

As reported by Luxembourg's Ministry of Finance, Minister Roth had a "constructive" bilateral exchange with his Chinese counterpart, Finance Minister Lan Fo'an, as well as with the Governor of the People's Bank of China, Pan Gongsheng, in Beijing. Luxembourg's Finance Minister also met with Li Yunze, Governor of the National Financial Regulatory Administration (NFRA), as well as with the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, and the Chairman of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun.

Minister Roth commented: "The major assets highlighted by our Chinese partners are, on the one hand, Luxembourg's political stability and, on the other hand, Luxembourg's responsiveness, in particular in adapting our legislation to new developments in the financial sector."

During his trips to Beijing, Shanghai, Hangzhou and Hong Kong, Minister Roth met with leaders of the Chinese financial sector. At a reception organised by LFF in Shanghai, the Finance Minister emphasised that "Luxembourg wants to remain open to investment from around the world. It is also essential for us to create a favourable environment to attract new players in the financial world. China remains an important market for the future in this respect." In Shanghai, the minister also had bilateral meetings with the Executive Vice Mayor of Shanghai, Wu Wei, and the Vice Governor of Zhejiang Province, Zhang Yanyun.

The financial mission ended with the Asian Financial Forum (AFF), which took place from Monday 13 to Tuesday 14 January 2025 in Hong Kong. This exchange platform brings together several thousand visitors from more than 50 countries and regions, particularly around themes such as fintech, financial innovation and sustainable finance. Minister Roth took part in a roundtable on the revival of global growth and was able to establish contacts with representatives of the insurance sector.

The minister also had "positive" discussions with the Financial Secretary of the Government of the Special Administrative Region of Hong Kong, Paul Chan, and the Director General of the Hong Kong Monetary Authority, Eddie Yue.

Luxembourg's Ministry of Finance recalled that cooperation between China and Luxembourg aims to be a bridge between Asia and Europe; Luxembourg remains "a leading strategic partner" for China with seven of the largest Chinese banks having their European headquarters in Luxembourg.

Minister Roth concluded: "Our financial mission has made it possible to intensify our bilateral relations which present a great potential for the future that we want to exploit. We need growth at the global level in particular to face the challenges of tomorrow in the green and digital transition. Luxembourg can play a key role in facilitating cross-border investments connecting the Eastern and Western worlds."