Luxembourg Minister of Finance in China: strengthening ties between both countries
Pierre Gramegna, Minister of Finance, led a financial mission to Beijing, Shanghai and Shenzhen from September 16 to 20 September. He was accompanied by a delegation composed of a hundred of professionals from the Luxembourg financial sector.
During his bilateral meeting with Zou Jiayi, Deputy Minister of Finance, Pierre Gramegna welcomed the latest measures taken by the Chinese authorities, including China's removal of restrictions on investment quotas for qualified foreign institutional investors (QFII) and qualified foreign institutional investors in RMB ( RQFII), with a view to further opening the Chinese financial markets. The Luxembourg Minister encouraged his interlocutors to continue the opening of the markets, in order to facilitate the distribution of Luxembourg funds in China.
Opening up and sustainable finance were also the main topics discussed with Guo Shuqing, Chairman of China's Banking and Insurance Regulator (CBIRC).
In Beijing, the Minister of Finance participated in the inauguration of the representative office of BIL...
BIL: First Luxembourg bank opens in China
Banque Internationale à Luxembourg opened a representative office in Beijing on September 17th, becoming the first Luxembourg bank ever to do so.
Finance minister Pierre Gramegna, who led a Luxembourg for Finance delegation visit to China, said in a press statement that the opening “will further help to cement Luxembourg’s bridging role” for China-Europe cross-border investment, adding that he believed the bank “will be able to bring Chinese firms and investment to Europe and support European businesses and investors in China”.
Zhu Linan, who is president of BIL shareholder Legend Holdings, said the two economies “have strong complementarity to each other, especially when the current macroeconomic and political environment allows […]further cooperation and win-win opportunities for both sides”...
Luxembourg Stock Exchange teams up with China International Capital Cooperation
The Luxembourg Stock Exchange (LuxSE) has signed a Memorandum of Understanding with China International Capital Cooperation (CICC), China’s first joint-venture investment bank.
The official signing ceremony took place in Beijing on 16 September 2019, in the presence of H.E. Mr. Pierre Gramegna, Luxembourg Minister of Finance and a business delegation from the Luxembourg financial centre, as well as the two institutions’ senior leadership teams.
“This agreement speaks of our commitment to connecting our capital markets, and facilitating cross-border investments. With its unique blend of Chinese roots and international reach, CICC is perfectly positioned to encourage interaction and understanding between China and international markets,” stated Robert Scharfe, CEO of the Luxembourg Stock Exchange.
This Memorandum of Understanding is the first official ...
Luxembourg Stock exchange to further facilitate access to China interbank market
The Luxembourg Stock Exchange (LuxSE) joins forces with Shanghai Clearing House and China Construction Bank to facilitate access to financial information on Chinese securities, while simplifying the execution process.
The official signing ceremony took place in Shanghai on 18 September 2019, in the presence of H.E. Mr. Pierre Gramegna, Luxembourg Minister of Finance, representatives of the Luxembourg financial centre, and the three institutions’ senior leadership teams. The objective of the tripartite Memorandum of Understanding is to establish a cross-border collaboration related to securities traded on the China Interbank Market, with a specific focus on green securities.
The Luxembourg Stock Exchange will display information on securities cleared through Shanghai Clearing House, to facilitate access to the China Interbank Market for the international investor community. Shanghai Clearing House will provide the relevant information on the securities falling under the scope of the agreement, while China Construction Bank will act as the primary partner for related investor services. ...
Cargolux flies 43 metric tonnes shaft from Luxembourg to China
On September 6th, Cargolux Airlines successfully transported a 10-meter long shaft with a total gross weight of 43 metric tonnes from Luxembourg to Zhengzhou. It was the largest piece Cargolux has ever transported to its second hub in the heart of China’s Henan province. The transport was organized on behalf of the newly founded HNCA Logistics (Luxembourg) in cooperation with their local partner European Logistics Partners (ELP).
This shipment is the first of its kind to transit through Zhengzhou, opening a new realm of possibilities for future transports like this one. It is also the heaviest single piece of freight that Cargolux has ever delivered to mainland China. As Paul Hoffmann, Director Ground Engineering explains: “While Cargolux frequently transports very heavy cargo shipments, of up to 60 tonnes, throughout its global network, this specific shipment was special as it was the first time that a single piece of cargo weighing above 35.000kg was flown into Zhengzhou airport”...
New Foreign Trade Counselor in Shanghai
Richard Hsu was nominated as Foreign Trade Counselor in Shanghai by the Luxembourg Ministry of Foreign and European Affairs. With this nomination, Mr. Hsu is joining a network of well introduced businessmen who are helping to promote the Grand-Duchy of Luxembourg around the world on an honorary basis. His new role aims particularly at strengthening the economic relations between Luxembourg and Shanghai. Richard Hsu was born in Shanghai, spent his teenage years in Paris and Luxembourg, professionally trained in New York, Japan and South East Asia. Hsu advocates a balance between business, culture and city renewal, connecting the dots between various city stakeholders. His professional activities unfold within three main areas: urban/rural bridge, research on education and human cities and commerce/innovation/creative consultancy. Among his responsibilities, Mr Hsu is a co-founder of Pan-Asia Network, he is the TEDx ambassador to China, and a professor of practice at Tongji University of Shanghai....