A financial mission to China, undertook by His Royal Highness the Hereditary Grand Duke of Luxembourg and the Minister of Finance between 24 and 28 October 2016, has been a success.

His Royal Highness and Luxembourg’s Minister of Finance were accompanied by a delegation of more than 110 finance professionals on their mission in China last week, which encompassed a series of seminars organised by Luxembourg for Finance in Beijing, Shanghai and Shenzon. Several hundred participants took part in these seminars with the aim of learning about the opportunities offered by the Luxembourgish market for Chinese investors.

As part of their mission, Prince Guillaume and Pierre Gramegna had meetings with the management of several Chinese financial establishments. One result of such meetings was the confirmation that China Everbright Bank (CEB) and Shanghai Pudong Development Bank (SPDB) will expand to Luxembourg in the near future; the procedure is already ongoing.
Moreover, the financial mission was the occasion for exploring advances in the Fintech sector in China as well as possibilities of collaboration, for instance the development of Luxembourg House of Financial Technologies.

On a political level, the Hereditary Grand Duke and Minister of Finance had meetings with Ying Yong, executive deputy mayor of Shanghai, and Chen Biao, deputy mayor of Shenzhen, to discuss collaboration opportunities in regard to the development of respective financial spaces.

Likewise, the prince and minister had work meetings with the president of China’s Central Bank Zhou Xiaochuan in Beijing, as well as with Xuan Changneng, the assistant chairman of China Securities Regulatory Commission, and Wang Yanzhi, the president of the Silk Road Fund, to discuss investment opportunities in Europe. Pierre Gramegna also had a work meeting in Shanghai with Kundapur Vaman Kamath, the CEO of the New Development Bank, to explore the possibility of collaboration.

Finally, several agreements of a cooperative nature were signed during the mission, adding to its success.

Photo by MFIN. From left to right: Pierre Gramegna, Minister of Finance; Kundapur Vaman Kamath, CEO New Development Bank in Shanghai.