The Year of the Rabbit: A look ahead to growing relations between mainland China and Jersey

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.

26 January 2023

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 the WealthBriefing Asia Awards 2022 and ‘International Finance Centre of the Year’ at the Citywealth International Finance Centre Awards 2022, among other awards.

In 2022, Jersey Finance launched its first Sustainable Finance Awards. The high level of nominations received by Jersey businesses and individuals demonstrates the growing influence of ESG as part of the financial services offering found on the Island. We are also delighted to announce that our annual Fintech Demo Day event in 2023 will welcome applications from overseas fintech companies for the first time we hope to see applications from mainland China’s fintech sector.

As we look forward to 2023, we plan to further expand our network of key industry contacts across mainland China through events, webinars and one-to-one meetings. Further updates on these will be published on our WeChat Official Account and the events page of the Jersey Finance website.

While the financial services sector in mainland China continues to reopen, we look forward to working with our Member firms to strengthen our ties with the financial services intermediaries in the region.

The approaching Lantern Festival ushers out what has been a challenging Year of the Tiger for many and we welcome the Year of the Rabbit which, being associated with luck, we hope brings much good fortune and prosperity to our WeChat followers.

We look forward to seeing you in 2023. Xin nian kuai le!

This article was originally posted on our Jersey Finance WeChat Official Account. Connect with us to access exclusive content tailored to finance professionals based in China, or Jersey Firms with an Asian presence.