The Guernsey Government has entered into a cooperation agreement with the Beijing Municipal Bureau of Financial Work.

The statement of cooperation was signed between Kevin Stewart, Guernsey’s commerce and employment minister and SHEN Hong, vice counsel OF the Beijing Municipal Bureau of Financial Work.

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The pact aims to cooperate in the promotion of common prosperity and development across both jurisdictions.

Kevin Stewart said: "This agreement demonstrates our continued commitment to not only China but Beijing specifically. We are looking forward to sharing in the mutual benefits of this partnership."

Fiona Le Poidevin, chief executive of Guernsey Finance, said: "It shows the strength of Guernsey’s relationship with Beijing and is a statement of intent for developing this further in the future."

Poidevin added that the Guernsey Finance will work with the Beijing Financial Development Centre, to facilitate exchange programmes, training courses and educational workshops between the two centers.

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Also, Guernsey Finance will collaborate with local industry associations and their member firms to seek opportunities for them to participate in the cooperation between Beijing and Guernsey.

SHEN said that Beijing was a finance centre, with 80% of all assets owned by banks and he was hoping to learn from Guernsey about not just its banks but also its investment funds, captive insurance and wealth management sectors.

A similar agreement was signed between the States of Guernsey and Shanghai Municipal Financial Services Office in 2010.