Finance is a vital sector to the UK economy and its role in the China-Britain relationship is both deep-rooted and extensive. The Finance & Professional Services Forum represents various aspects of this industry from banking through to asset management and Insurance, three very diverse areas each having different opportunities to explore.
The significance of the finance sector can be expected to grow in significance as Britain contributes an increasingly vital role in supporting the One Belt One Road initiative.
There are a number of British Asset Managers already operating in mainland China serving both on and offshore for local markets. As the Chinese financial system opens to the world the skills and experiences of UK firms will play a vital role in the development of the sector and many more are expected to have operations here in the years to come.
In banking, the two major British banks – HSBC and Standard Chartered are well established in China and London plays a leading role in the offshore RMB markets for debt issuance and clearing.
In insurance the London market has supported the Chinese insurance industry for over 100 years. Prudential and Aviva have large joint ventures in China and Bupa has also established operations here.
British insurance brokers operating in China are led by Jardine Lloyd Thompson and compete against several American owned brokers with significant London operations including Willis Towers Watson, Marsh and Aon. Lloyd’s is based in Shanghai, but also has a branch in Beijing.
The forum is co-chaired by Michael Fosh and Peter Hogg.
Who should join
Whilst many foreign companies have chosen to establish operations in Shanghai, almost all major Chinese financial services companies, government departments (including the various regulatory bodies and the central bank – People’s Bank of China) and Chinese SOEs are headquartered or have a major presence here in Beijing. It is planned therefore that the Forum will hold regular events where members can network with their counterparts in Chinese enterprises. The forum is also aiming in to be informative to the wider Chamber membership in Beijing on different aspects of Finance & Professional Services during our events.