China
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ACCESSING INTERNATIONAL MARKETS
ACCESSING INTERNATIONAL MARKETS
FINANCIAL SERVICES IN CHINA
A range of UK Government support is available from a portfolio of initiatives called Solutions for Business. The “solutions” are available to qualifying businesses, and cover everything from investment and grants through to specialist advice, collaborations and partnerships. UK Trade & Investment is the government organisation that helps UK-based companies succeed in the global economy, and is responsible for the delivery of the two SfB products “Developing Your International Trade Potential” and “Accessing International Markets”. We also help overseas companies bring their high-quality investment to the UK’s dynamic economy – acknowledged as Europe’s best place from which to succeed in global business. UK Trade & Investment offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For further information please visit www.uktradeinvest.gov.uk or telephone +44 (0)20 7215 8000.
Global partnerships & opportunities for UK companies
Whereas every effort has been made to ensure that the information given in this document is accurate, neither UK Trade & Investment nor its parent Departments (the Department for Business, Innovation and Skills (BIS), and the Foreign & Commonwealth Office), accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned. Published September 2009 by UK Trade & Investment © Crown Copyright URN 09/1341 www.uktradeinvest.gov.uk
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INTRODUCTION THE CITYUK STRATEGY & THE CHINA MARKET PLAN SUMMARY OF ACHIEVEMENTS UK TRADE & INVESTMENT ACTIVITY PROGRESS TO DATE CASE STUDIES MEET THE TEAM UKTI China Financial Services team UKTI China Financial Services Team – London SUPPORTING ORGANISATIONS UK REGIONAL CONTACT INFORMATION ACKNOWLEDGMENTS 2 4 6 8 10 12 13 14 17 18 21 23
INTRODUCTION
Sir David Brewer
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As you will discover we have worked hard to ensure that London, and not New York, is seen by the Chinese as the world’s leading international financial services centre.”
As the Financial Services Sector Advisory Board China Champion it is my pleasure to introduce you to the UK Trade & Investment (UKTI) China Financial and Professional Services team. In 2006 the Financial Services Sector Advisory Board, a close business and Government alliance steering group came to a direct conclusion: more work had to be done to promote the UK financial services sector overseas. UK Trade & Investment responded and launched the first of five marketing strategies with the CityUK China strategy. The strategic aim was to make the UK the partner of choice for China in financial and professional services and the location of choice for China’s financial business. Additional UKTI staff were posted to Beijing and Shanghai and a comprehensive marketing strategy created to improve our marketing efforts in China, to garner market intelligence, lobby the Chinese government in a co-ordinated fashion and to offer practical help UK business grow their businesses in China. In developing this strategy UKTI has formed a very close relationship with key UK stakeholders such as the City of London, International Financial Services London and the China Britain Business Council.
The CBBC/IFSL China interests group which I chair quarterly to exchange information on activities and shared interests demonstrates our ongoing work to position opportunities for UK businesses looking at China. The close co-ordination between these bodies ensures that our collective efforts are fully harnessed and directed to the best effect in China. As you will discover we have worked hard to ensure that London, and not New York, is seen by the Chinese as the world’s leading international financial services centre. The UK financial services sector is now doing quite well in China. Our firms are amongst the leading foreign players in the sectors they operate in. We very much want more UK financial services firms to make the most of the opportunities that China presents and the support the UKTI and its stakeholders can offer. I am therefore delighted that we have managed to bring a number of the UKTI China Financial Services team back to the UK to brief you personally. I wish you every success with your business in China. Sir David Brewer UK Trade & Investment Financial Services Sector Advisory Board China Champion
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THE CITYUK STRATEGY & THE CHINA MARKET PLAN
As it enters its third year the CityUK China strategy and its related market plan has made real progress in positioning the UK as China’s preferred partner in the financial and professional services sector. First published on 8 May 2007, the CityUK China strategy established three high level objectives for the UK financial services industry & government to focus on in China. These are: Positioning the UK as the partner of choice for the provision of financial and related professional services to China; Positioning the UK as the location of choice for Chinese financial and related professional services companies seeking an overseas presence; Promoting liberalisation of Chinese financial and related professional services. The CityUK China Strategy also directed UKTI China staff to create a China Market plan in support of the above objectives. This focuses the in-market activity in four areas: Marketing & targeting: positioning the UK as the partner of choice for Chinese firms and the location of choice for expanding Chinese firms; Liberalisation: to increase UK-China trade through tracking and influencing Chinese financial policy to the benefit of UK firms;
QUICK FACTS UK-China trade, including financial services grew 40 per cent in 2008-9. UK banks have the most foreign banking assets in China. UK life insurers are second and third placed amongst foreign insurers in terms of premium income. The most successful foreign insurance broker in China is British based. In fund management we have 13 of the 87 Qualified Investor licences, more than any other European nation. The big four professional services and accounting firms have the most fee income in China. UK legal firms are second only to the US in terms of presence and fee income. Our accountancy bodies continue to grow their student base and membership. Training & Education: To promote the UK as the premier provider of world class financial services training and improve the talent pool in China; Resources: ensuring that we have the right mix of human & capital resources to deliver this plan. The team, in China and the UK, supported by the financial and professional services sector delivers against these objectives with a targeted mix of marketing seminars, VIP visits, media activity and company specific support. The UK is the preferred destination for Chinese investment in Europe. More Chinese financial institutions are choosing London.
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SUMMARY OF ACHIEVEMENTS
UK in China
Banking UK banks continue to do well in China. According to the China Banking Regulatory 23 per cent of foreign banking assets in China are British (more than any other foreign country). HSBC and Standard Chartered have doubled their retail branch networks in the past two years’. Barclays Bank remains active in wholesale banking and has recently invested in New China Trust Company. RBS has sold its stake in Bank of China and is currently rationalising its China operations to focus on wholesale banking. Lloyds TSB continues to market its offshore services from Shanghai. Insurance The UK is also well placed in the small but fast growing life insurance sector. In 2008 Aviva-Cofco and Citic-Prudential were ranked second and third in terms of premium income relative to their foreign competitors (AIA was number one). Hengan Standard Life was sixth. Recent market entrant BSAM-Skandia is also rapidly growing its life business from a small base. Royal Sun Alliance is mid-table amongst foreign competitors in the smaller property insurance market. The UK is also well represented in the insurance broking sector with Marsh and Willis both very active and Locktons International developing their presence following regulatory approval in October 2008. Lloyd’s of London are also developing their re-insurance offer with five syndicates now operating in China from their Shanghai base. Fund Management In fund management 13 of the 87 QFII licences are held by UK companies – more than any other European country. And UK fund managers have won mandates from the sovereign wealth fund, the CIC, and the state pension fund, the NSSF. Legal & Professional Services In legal and professional services UK law firms are second only to US in terms of presence in China. PwC is the leading accountancy firm in China by fee revenue, followed by Ernst Young, Deliottes and KPMG. Zhong Ru Yue Hua, the leading Chinese accountant is ranked a distant fifth.
China in the UK
The Ministry of Commerce advised us that London is the leading destination for Chinese investment in Europe. Sixty two Chinese companies are currently listed in London. More can be expected once EFD related listings agreement are finalised. SAFE, the Chinese foreign exchange reserve manager, is reported to have made 50 direct investments in UK companies (reportedly totalling £9 billion in Sept 2008). The CIC has made one significant UK investment and senior CIC officials have advised us that more are likely this year given the UK's open and welcoming markets. The Chinese pension fund is known to have awarded investment licences to three UK fund management companies and is willing to work with more.
Chinese financial institutions also favour London as the base for their European Headquarters. Bank of China and China Construction Bank have recently opened new subsidiaries. China Merchants Bank will shortly open a Representative Office. China International Capital Corporation, Agricultural Bank of China and Minsheng Bank have also confirmed their intentions to move to London in the near future.
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UK TRADE & INVESTMENT ACTIVITY
How have we helped UK companies?
Since May 2007 the UKTI financial services team has: Supported VIP delegations to China UKTI has provided assistance with visitor programmes for senior ministers, senior regulators, municipal and provincial leaders as well as business organisations. These include visits by the Prime Minister, Chancellor of Exchequer and Foreign Secretary of State. Opened doors with regulators UKTI has given around 150 UK companies access to senior Chinese financial regulators through three annual Lord Mayor visits to China. Stronger links have been forged with the Chinese regulators community including the China Insurance Regulator (CIRC) and China Banking Regulatory Commission (CBRC). Lobbied government on market access issues UKTI has lobbied the Chinese government on broader market access issues affecting the UK financial services sector. Significant progress has been made on the lifting of barriers in the insurance, securities sectors and on restrictions on professional institutes. Welcomed business missions to the UK UKTI has helped support a strong visitor’s programme in 2009. This included visits by the President Hu Jintao, Premier Wen Jiabao, Vice Premier Wang Qishan, and the Minister for Commerce Chen Denming, Minister of Justice Wu Aiying and several Vice Chairmen from the financial regulators sector. Engaged Chinese companies at high profile events London welcomed the first ever overseas event by the prestigious Boao Forum an influential Chinese think tank and conference organiser. UKTI’s engagement with Boao, in June 2008 and September 2009 brought over 270 senior decision makers in government and business to the UK. UKTI also facilitated speakers at several events including Lujiazui, Boao, Tianjin PE and the International Bankers Conference in Shanghai 2008. Created excellent publicity and profile in the media UKTI welcomed a contingent of Chinese foreign press to the UK and generated positive coverage about UK excellence in financial services. Equally UKTI continues to sell UK excellence with positive FDI success stories in China. For example, two organised press visits by UKTI, generated over 80 positive press articles in the China media. Helped UK companies meet the right contacts Through our OMIS programme arranging service UKTI has helped UK companies meet the right decision makers at key Chinese government departments. Through this service, UKTI has also lobbied the Chinese government on company specific issues such as licence applications. Developed engaging seminars to market UK expertise UKTI, in conjunction with the City of London and CBBC, has organised seminars to an audience of over 3,000 Chinese companies. These seminars promoted UK advisory expertise in: Listings – international and domestic Mergers & Acquisitions Foreign Direct Investment Alternative Dispute resolution Insurance Rural finance Education, training & qualifications Risk management Islamic Finance
Key calendar dates
UKTI & CBBC Four multi sector missions to regional cities in China during 2009-10 The Lujiazui Forum, Shanghai May-June 2010 BOAO Forum April 2010 Shanghai Derivatives Forum June 2010 City UK Forum at Shanghai World Expo 2010 8-18 September 2010 China Bankers Forum September 2010 Note: Event dates and timings are subject to be confirmed closer to event date. For further information please contact: Ben Raby Consul – Trade & Investment Tel: +86 (0)21 3279 2024 Email: [email protected]
KEY FACT:
During 2008-9 the UKTI Financial Services team recorded 489 pro-active visits to UK and Chinese companies in China.
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PROGRESS TO DATE
Since 2007 UKTI has helped many companies access new opportunities in China’s financial and professional services sector. Below we provide a snapshot of some of the activity we have undertaken. Insurance UKTI Beijing helped lobby the Chinese authorities to ensure the RSA was amongst the first batch of foreign insurance companies to be granted permission to form a Chinese local subsidiary, thereby helping speed their business growth in China. UKTI Beijing lobbied the CIRC to help expedite the insurance broking licenses for Locktons. Fund Management UKTI has helped introduce members of the UK fund management and Private Equity communities to the key Chinese sovereign wealth funds such as CIC, SAFE and the National Social Security Fund. UKTI Hong Kong helped LDC (Lloyds TSB's private equity arm) launch its Hong Kong office in March 2009. This was followed by an in-market opportunity for its Managing Director in Hong Kong to speak at a high-end seminar on private equity during the Lord Mayor's visit in summer 2009. Education UKTI Guangzhou helped CIMA gain access to many senior local government officials and helped deliver speeches at CIMA events. This support significantly helped to raise CIMA's profile in the South China region. UKTI Shanghai has recruited speakers for ACCA’s high profile series of thought leadership conferences. Professional Services UKTI Guangzhou secured international law firm, Stephenson Harwood & Lo attendance in meetings with senior government officials and new clients. This helped generate potential business opportunities and raise Stephenson Harwood & Lo profile. UKTI Chongqing supported the grand opening ceremony for ACCA Chengdu Office by securing speeches from senior government officials and attendance from companies/institutes in the relevant sector. Under the Going Global seminars organised by the UKTI, in partnership with CBBC, UK legal, accountancy and professional advisers have presented to approximately 1,500 Chinese companies interested in fund raising, FDI and M&A. UKTI Beijing has successfully lobbied the Chinese authorities to allow UK Professional institutes to independently register as charitable organisations in China. New regulations permitting this are to be introduced in 2010. Banking UKTI Shanghai supported the visit of Barclays’ CEO to Shanghai and secured a call on the Mayor and provided a networking opportunity for key contacts. UKTI Shanghai helped a UK-based financial services jobs board eFinancialCareers gain access to decision makers in the Shanghai Municipal Government.
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CASE STUDIES
THE LEGAL PROFESSION GOES GLOBAL
International commercial law firm Stephenson Harwood has had offices in China for nearly 30 years’. With the help of UK Trade & Investment, it is now expanding its reach across the country. UK Trade & Investment suggested that the firm join “Going Global”, a joint initiative with the China-Britain Business Council. This initiative introduces UK financial and professional firms to Chinese companies with an interest in raising capital, or requiring advisory services in order to expand nationally or internationally. Going Global seminars are held in several cities a year presenting potential Chinese clients with a rane of expertise including advisory services on listings, mergers and acquisitions and investing in the UK. Working with UK Trade & Investment, Stephenson Harwood has already landed two new Chinese clients, both of which it helped to list on the London Stock Exchange. “We would never have had the opportunity to meet as many potential clients as we have without participating in Going Global,” says Peter Bradley, Partner at Stephenson Harwood. “Our success with the initiative has pushed the firm to consider expanding its Shanghai offices and in the future, we may even open another branch in China.” The firm is also looking to increase it’spresence in the Middle East with UK Trade & Investment support and has recently openedan office in Singapore.
MEET THE TEAM
DEVELOPING THE GLOBAL STANDARD IN EDUCATION
The Chartered Institute of Management Accountants (CIMA) has worked hard in China to increase awareness of its internationally recognised qualification. The qualification acts as a passport for management accountants to work for businesses around the world. CIMA’s plans to expand to other areas of the country that are marked by the Government for development, and works with universities in China to increase students’ awareness of the CIMA qualification. CIMA is also targeting Chinese students in the UK and other countries who want to return home and work for international companies. “Without UK Trade & Investment, it would have taken us a lot longer to build the links we have with local companies and the Government,” says Rick Sturge, Director of Strategic Development at CIMA. Sturge says “In China, you need to be patient and take the time to get to know the local market and develop a focused entrance strategy. Local embassy staff can help you save time and are always willing to arrange events. UK Trade & Investment’s support has been invaluable to us in building a brand presence in China.”
Get the support you need to succeed To find out more about the wealth of opportunities in the UK financial services sector and to get the support you need, explore the contacts below.
UK TRADE & INVESTMENT
UK Trade & Investment is the Government organisation that supports companies in the UK doing business internationally and overseas enterprises seeking to set up or expand in the UK. Its role is to help companies realise their international business potential through knowledge transfer, and ongoing partnership support. To support its aim to ‘enhance the competitiveness of companies in the UK through overseas trade and investments; and attract a continuing high level of quality foreign direct investment’, UK Trade & Investment will be the catalyst to help your business prosper. As the UK Government’s international business development organisation, our services bring together a network of business sector specialists and support teams around the UK and in British Embassies and Posts all around the world.
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UKTI CHINA FINANCIAL SERVICES TEAM
The China financial services team has staff located at the British Embassy in Beijing and the Consulates in Shanghai, Chongqing, Guangzhou and Hong Kong. Contact the team in China or London with your questions about the sectors of interest and region that you want to explore:
NORTH CHINA: BEIJING
Scott Strain Head of UKTI China Financial Services Team Jacqueline Ren Deputy Head, China Financial Services Team
EAST CHINA: SHANGHAI
Ben Raby Consul, Trade & Investment
WEST CHINA: CHONGQING
Helen Zhong Deputy Head of Trade and Investment / Senior Trade Officer
Tel: Email:
+86 (0)21 3279 2024 [email protected]
Tel (direct): +86 (0)23 6369 1507 Email: [email protected] Helen Zhong has worked on the financial services from UKTI Chongqing for five years’. She has been the project manager for three Lord Mayor’s visits to SW China. She helps the UK business to set up branches, apply business license, identify leads for M&A and listing and cope with market access barriers in SW China. Silver Yin Senior Trade Officer
Tel: Email:
+86 (0)10 5192 4361 [email protected]
Tel: Email:
+86 (0)10 5192 4455 [email protected]
Scott Strain is the First Secretary Financial Services and the Head of the UKTI China Financial Services Team at the British Embassy Beijing. He joined the Foreign Office in 1989 and has served four times in China: twice in Beijing in the 1990s and again since 2007. As Deputy Consul General Scott also helped open our Consulate in Chongqing in 2000. He is a SOAS graduate holding a Msc in International Management for China (merit) and is a (self-taught) intermediate Mandarin speaker.
Jacqui Ren has been with the Financial Services Team since 2005. She joined the British Embassy Beijing in 2003 as Deputy Head of Press and Public Affairs. Prior to that she has worked with European investment banks in Hong Kong. Teng Liwei
Ben Raby was appointed Consul for financial and professional services in June 2007. He leads the team responsible for the support and promotion of UK financial and professional services in East China with a focus on securities and legal and professional services. He previously worked with the UKTI financial services sector group in London. Elizabeth Pan Trade & Investment Officer
Tel: Email:
+86 (0)21 3279 2025 [email protected]
Tel: Email:
+86 (0)23 6369 1540 [email protected]
Tel: Email:
+86 (0)10 5192 4453 [email protected]
Elizabeth Pan joined the British Consulate from the private sector in August 2008. She previously worked for Control Risks.
Silver Yin led on Lord Mayor's visit to Chongqing 2009, and assisted companies establishing office in Chongqing and applying business license.
Liwei joined the UKTI China Financial Services Team in July 2008. She studied finance at Glasgow and Dundee Universities and focuses her work on the derivatives and commodities sectors in China.
UKTI Chongqing is in charge of PE/VC subsector among UKTI's China Financial network.
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UKTI CHINA FINANCIAL SERVICES TEAM – LONDON
SOUTH CHINA: GUANGZHOU
Simon Kelly Consul, Trade & Investment
HONG KONG
Claire Ip Asst Trade Commissioner & China Trade Adviser
LONDON
Naomi Neal Head Financial Services, China, Asia Pacific and Americas David Brown Deputy Head, China Markets Unit
Tel: Email:
+86 (0)20 8314 3003 [email protected] Michael Zhang Trade and Investment Officer
Tel: Email:
+852 2901 3154 [email protected]
Tel: Email:
+44 (0)20 7215 8248 [email protected]
Tel: Email:
+44 (0)20 7215 8438 [email protected]
Tel: Email:
+86 (0)20 8314 3007 [email protected]
Both Simon and Michael joined UKTI in July 2008, and together cover all Financial and Professional Service sub-sectors, with a focus on Insurance, Banking and Fund Management.
Claire is responsible for Financial, Legal and Professional services at UKTI Hong Kong. Hong Kong forms an integral part of the China Marketing Strategy, and plays a pivotal role in China's market liberalisation. Claire's role is to identify opportunities in which UK financial and professional services sector could have a competitive edge in Hong Kong. She also gives advice and guidance on how UK companies can capitalise on growing business opportunities in China by using Hong Kong as a gateway.
Naomi has worked in a range of trade related jobs within UK Trade & Investment including as Secretary to the Asia Pacific Advisory Group 1994-2001. She has been based in the Financial Services team since 2001 and worked with Scott Strain and the China Financial Services network to develop the current China Financial Services Strategy and Market Plan.
David Brown has been the Deputy Head of the China Markets Unit in UKTI since September 2008. Previously he was on secondment to International Financial Services London, with responsibility for, inter alia, China. Prior to that he was seconded to the FCO and headed up the Trade and Investment Section in the British High Commission in Nicosia (2003-7) and the Commercial Section in the British Embassy in Seoul (2000-2003).
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SUPPORTING ORGANISATIONS
THE CHINA-BRITAIN BUSINESS COUNCIL (CBBC) THE CITY OF LONDON CORPORATION
Duncan Levesley Business Development Manager China-Britain Business Council
Tel: Email:
+44 (0)20 7802 2009 [email protected] We are established in strategic locations across the market in Beijing, Shanghai, Shenzhen, Qingdao, Wuhan, Chengdu, Nanjing, Hangzhou, Shenyang, Chongqing and Guangzhou. In the UK, CBBC delivers its services via its head office in London, regional offices in Scotland, East of England, East Midlands, North West, Yorkshire & Humber and Wales and a network of partners throughout the UK. Further information For more information visit: www.cbbc.org or email: [email protected]
The City of London Corporation is an unusually diverse organisation with three main aims – to support and promote the City as a world leader in international finance and business services; to provide the highest quality local government services for the Square Mile; and to provide valued services to London and the nation as a whole. The Lord Mayor, who is the head of the City of London, promotes UK-based financial and business services worldwide and welcomes world leaders on behalf of the UK Government. Building on the its longstanding engagement with the Chinese financial services sector, including regular Lord Mayoral visits, the City of London provides offices in Beijing and Shanghai. With the overall aim of strengthening trading and investment links between China and the UK through the provision of world class financial services and products, the offices promote the City in China. These services include the raising of capital, insurance, asset management, infrastructure finance and consultancy, London’s exchanges, business education & training and legal & advisory services. They also promote the UK as a location for Chinese companies to locate and invest, and facilitate the business development of City firms in China. Contact information: Eva George Business Development Manager City of London Tel: +44 (0)20 7332 1565 Email: [email protected] Ingrid Liu Chief Representative, City of London Shanghai Representative Office Tel: +86 21 5117 8986 Email: [email protected] Andie Wang Chief Representative, City of London Beijing Representative Office Tel: +8610 8419 3332 Email: [email protected]
The China-Britain Business Council (CBBC) is the UK’s leading source of practical services to British companies doing business with China. CBBC supports British companies of all sizes – new entrants and established operations – through providing business services, practical in-market assistance and industry initiatives. CBBC works in partnership with UKTI to deliver many services. In addition to this, we deliver a range of practical, comprehensive services to British companies wishing to export goods and services, invest in China or establish collaborative partnerships with Chinese companies. Our practical in-market assistance includes market research, “Representative Office”, “Launchpad” and “Hot Desk” facilities, trade missions and exhibitions, event management and translation services. Membership offers further benefits including on-going support and networking (in both the UK and China), discounted prices for services, special member-only events and information.
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UK REGIONAL CONTACT INFORMATION
INTERNATIONAL FINANCIAL SERVICES, LONDON (IFSL) UK REGIONS
Scottish Development International Atlantic Quay, 150 Broomielaw Glasgow G2 8LU Tel: +44 (0)141 228 2828 Invest Northern Ireland Bedford Square Bedford Street Belfast BT2 7ES Tel: +44 (0)28 9023 9090 International Business Wales Welsh Assembly Government Trafalgar House 5 Fitzalan Place Cardiff CF24 0ED Tel: +44 (0)1443 845500 One NorthEast Stella House, Goldcrest Way Newburn Riverside Newcastle upon Tyne NE15 8NY Tel: +44 (0)191 229 6200 www.onenortheast.co.uk North West Regional Development Agency Renaissance House Centre Park Warrington Cheshire WA1 1QN Tel: +44 (0)1925 400100 www.nwda.co.uk Yorkshire Forward Victoria House Victoria Place Leeds LS11 5AE Tel: +44 (0)113 394 9600 www.yorkshire-forward.com East Midlands Development Agency Apex Court City Link Nottingham East Midlands NG2 4LA Tel: +44 (0)115 988 8300 www.emda.org.uk
IFSL’s role is to promote the international activities and expertise of UK-based financial services: it is the only independent cross-sectoral organisation representing this sector. Through consulting its members and co-operating with the UK Government, IFSL organises events at home and abroad that promote skills and expertise, such as in Islamic Finance, which can be accessed from the UK. It compiles reports and statistics that raise awareness of the size and importance of London and the UK as an international financial centre. IFSL also works towards the opening of financial markets and removal of barriers to trade in services.
It has inaugurated a new Working Group on Islamic Finance which has now held three meetings all of which have regularly attracted interest from some 60 member companies, further evidence of the growing importance London attaches to this area. IFSL will be publishing its next report on Islamic Finance in January 2009. Contact For further information, please visit: www.ifsl.org.uk Wayne Evans Tel: +44 (0)20 7213 9112 Email: [email protected]
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ACKNOWLEDGMENTS
Advantage West Midlands 3 Priestley Wharf Holt Street Aston Science Park Birmingham B7 4BN Tel: +44 (0)121 380 3500 www.advantagewm.co.uk East of England International 2 Quayside Cambridgeshire CB5 8AB Tel: +44 (0)1223 450450 www.eeia.com Think London Level 35 25 Canada Square London E14 5LQ Tel: +44 (0)20 7718 5400 www.thinklondon.com South East England Development Agency Cross Lanes Guildford GU1 1YA Tel: +44 (0)1483 484200 www.seeda.co.uk South West of England Regional Development Agency Sterling House Dix’s Field Exeter Devon EX1 1QA Tel: +44 (0)1392 214747 www.southwestrda.org.uk Acknowledgments and thanks to the following:
Financial Services Sector Advisory Board (FSSAB) & the Regional forum FSSAB is a group comprised of business and Government leaders that advise upon the development and implementation of the promotional strategy for the UK’s Financial services sector. Working closely with UK Trade & Investment, FSSAB plays an integral role in the identification and development of the promotional priorities for the sector. Through coordinated engagement with financial services stakeholders, FSSAB members assist in enhancing the UK’s competitiveness and furthering the goal of maintaining the UK’s position as the world’s leading international financial centre. The regional forum is a sub group of FSSAB. Its members continue the work of enhancing the UK’s competitiveness with a focus on excellence in the financial and professional services sector from the nine English regions and the three devolved administrations (Scotland, Wales and Northern Ireland).
Professionaliverpool The aim of professionaliverpool is to promote professional excellence in Liverpool and the surrounding region, thus maintaining and enhancing the image of the professional community as a whole and Liverpool's reputation as a financial centre. It also aims to enhance opportunities for its members to develop networks and to assist in the economic development of Merseyside and the North West. For further information visit www.professionaliverpool.com
Scottish Development International (SDI) SDI is a Scottish Government business agency, which promotes inward investment and helps Scottish companies develop international business opportunities. We offer active support for financial services in Scotland and a single point of contact for companies interested in developing overseas business. For further information visit www.sdi.co.uk
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Scottish Financial Enterprise (SFE) SFE are the representative body for Scotland's financial services industry, with members ranging from global companies headquartered in Scotland to small, locally-based support businesses. Members also include international companies who have opened key European bases in Scotland, attracted by our skilled workforce and long experience in the industry. Together they make an important contribution to Scotland's economy. For further information visit www.sfe.org.uk
British Expertise British Expertise is the leading UK private sector organisation for British companies offering professional services internationally. Our 210 member companies range from large general consultancies to specialist individuals. They offer their services across a wide range of sectors and in almost every country in the world. They have a high reputation for quality. For further information visit www.britishexpertise.org.uk
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ACCESSING INTERNATIONAL MARKETS
FINANCIAL SERVICES IN CHINA
A range of UK Government support is available from a portfolio of initiatives called Solutions for Business. The “solutions” are available to qualifying businesses, and cover everything from investment and grants through to specialist advice, collaborations and partnerships. UK Trade & Investment is the government organisation that helps UK-based companies succeed in the global economy, and is responsible for the delivery of the two SfB products “Developing Your International Trade Potential” and “Accessing International Markets”. We also help overseas companies bring their high-quality investment to the UK’s dynamic economy – acknowledged as Europe’s best place from which to succeed in global business. UK Trade & Investment offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For further information please visit www.uktradeinvest.gov.uk or telephone +44 (0)20 7215 8000.
Global partnerships & opportunities for UK companies
Whereas every effort has been made to ensure that the information given in this document is accurate, neither UK Trade & Investment nor its parent Departments (the Department for Business, Innovation and Skills (BIS), and the Foreign & Commonwealth Office), accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned. Published September 2009 by UK Trade & Investment © Crown Copyright URN 09/1341 www.uktradeinvest.gov.uk
Content
INTRODUCTION THE CITYUK STRATEGY & THE CHINA MARKET PLAN SUMMARY OF ACHIEVEMENTS UK TRADE & INVESTMENT ACTIVITY PROGRESS TO DATE CASE STUDIES MEET THE TEAM UKTI China Financial Services team UKTI China Financial Services Team – London SUPPORTING ORGANISATIONS UK REGIONAL CONTACT INFORMATION ACKNOWLEDGMENTS 2 4 6 8 10 12 13 14 17 18 21 23
INTRODUCTION
Sir David Brewer
“
As you will discover we have worked hard to ensure that London, and not New York, is seen by the Chinese as the world’s leading international financial services centre.”
As the Financial Services Sector Advisory Board China Champion it is my pleasure to introduce you to the UK Trade & Investment (UKTI) China Financial and Professional Services team. In 2006 the Financial Services Sector Advisory Board, a close business and Government alliance steering group came to a direct conclusion: more work had to be done to promote the UK financial services sector overseas. UK Trade & Investment responded and launched the first of five marketing strategies with the CityUK China strategy. The strategic aim was to make the UK the partner of choice for China in financial and professional services and the location of choice for China’s financial business. Additional UKTI staff were posted to Beijing and Shanghai and a comprehensive marketing strategy created to improve our marketing efforts in China, to garner market intelligence, lobby the Chinese government in a co-ordinated fashion and to offer practical help UK business grow their businesses in China. In developing this strategy UKTI has formed a very close relationship with key UK stakeholders such as the City of London, International Financial Services London and the China Britain Business Council.
The CBBC/IFSL China interests group which I chair quarterly to exchange information on activities and shared interests demonstrates our ongoing work to position opportunities for UK businesses looking at China. The close co-ordination between these bodies ensures that our collective efforts are fully harnessed and directed to the best effect in China. As you will discover we have worked hard to ensure that London, and not New York, is seen by the Chinese as the world’s leading international financial services centre. The UK financial services sector is now doing quite well in China. Our firms are amongst the leading foreign players in the sectors they operate in. We very much want more UK financial services firms to make the most of the opportunities that China presents and the support the UKTI and its stakeholders can offer. I am therefore delighted that we have managed to bring a number of the UKTI China Financial Services team back to the UK to brief you personally. I wish you every success with your business in China. Sir David Brewer UK Trade & Investment Financial Services Sector Advisory Board China Champion
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THE CITYUK STRATEGY & THE CHINA MARKET PLAN
As it enters its third year the CityUK China strategy and its related market plan has made real progress in positioning the UK as China’s preferred partner in the financial and professional services sector. First published on 8 May 2007, the CityUK China strategy established three high level objectives for the UK financial services industry & government to focus on in China. These are: Positioning the UK as the partner of choice for the provision of financial and related professional services to China; Positioning the UK as the location of choice for Chinese financial and related professional services companies seeking an overseas presence; Promoting liberalisation of Chinese financial and related professional services. The CityUK China Strategy also directed UKTI China staff to create a China Market plan in support of the above objectives. This focuses the in-market activity in four areas: Marketing & targeting: positioning the UK as the partner of choice for Chinese firms and the location of choice for expanding Chinese firms; Liberalisation: to increase UK-China trade through tracking and influencing Chinese financial policy to the benefit of UK firms;
QUICK FACTS UK-China trade, including financial services grew 40 per cent in 2008-9. UK banks have the most foreign banking assets in China. UK life insurers are second and third placed amongst foreign insurers in terms of premium income. The most successful foreign insurance broker in China is British based. In fund management we have 13 of the 87 Qualified Investor licences, more than any other European nation. The big four professional services and accounting firms have the most fee income in China. UK legal firms are second only to the US in terms of presence and fee income. Our accountancy bodies continue to grow their student base and membership. Training & Education: To promote the UK as the premier provider of world class financial services training and improve the talent pool in China; Resources: ensuring that we have the right mix of human & capital resources to deliver this plan. The team, in China and the UK, supported by the financial and professional services sector delivers against these objectives with a targeted mix of marketing seminars, VIP visits, media activity and company specific support. The UK is the preferred destination for Chinese investment in Europe. More Chinese financial institutions are choosing London.
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SUMMARY OF ACHIEVEMENTS
UK in China
Banking UK banks continue to do well in China. According to the China Banking Regulatory 23 per cent of foreign banking assets in China are British (more than any other foreign country). HSBC and Standard Chartered have doubled their retail branch networks in the past two years’. Barclays Bank remains active in wholesale banking and has recently invested in New China Trust Company. RBS has sold its stake in Bank of China and is currently rationalising its China operations to focus on wholesale banking. Lloyds TSB continues to market its offshore services from Shanghai. Insurance The UK is also well placed in the small but fast growing life insurance sector. In 2008 Aviva-Cofco and Citic-Prudential were ranked second and third in terms of premium income relative to their foreign competitors (AIA was number one). Hengan Standard Life was sixth. Recent market entrant BSAM-Skandia is also rapidly growing its life business from a small base. Royal Sun Alliance is mid-table amongst foreign competitors in the smaller property insurance market. The UK is also well represented in the insurance broking sector with Marsh and Willis both very active and Locktons International developing their presence following regulatory approval in October 2008. Lloyd’s of London are also developing their re-insurance offer with five syndicates now operating in China from their Shanghai base. Fund Management In fund management 13 of the 87 QFII licences are held by UK companies – more than any other European country. And UK fund managers have won mandates from the sovereign wealth fund, the CIC, and the state pension fund, the NSSF. Legal & Professional Services In legal and professional services UK law firms are second only to US in terms of presence in China. PwC is the leading accountancy firm in China by fee revenue, followed by Ernst Young, Deliottes and KPMG. Zhong Ru Yue Hua, the leading Chinese accountant is ranked a distant fifth.
China in the UK
The Ministry of Commerce advised us that London is the leading destination for Chinese investment in Europe. Sixty two Chinese companies are currently listed in London. More can be expected once EFD related listings agreement are finalised. SAFE, the Chinese foreign exchange reserve manager, is reported to have made 50 direct investments in UK companies (reportedly totalling £9 billion in Sept 2008). The CIC has made one significant UK investment and senior CIC officials have advised us that more are likely this year given the UK's open and welcoming markets. The Chinese pension fund is known to have awarded investment licences to three UK fund management companies and is willing to work with more.
Chinese financial institutions also favour London as the base for their European Headquarters. Bank of China and China Construction Bank have recently opened new subsidiaries. China Merchants Bank will shortly open a Representative Office. China International Capital Corporation, Agricultural Bank of China and Minsheng Bank have also confirmed their intentions to move to London in the near future.
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UK TRADE & INVESTMENT ACTIVITY
How have we helped UK companies?
Since May 2007 the UKTI financial services team has: Supported VIP delegations to China UKTI has provided assistance with visitor programmes for senior ministers, senior regulators, municipal and provincial leaders as well as business organisations. These include visits by the Prime Minister, Chancellor of Exchequer and Foreign Secretary of State. Opened doors with regulators UKTI has given around 150 UK companies access to senior Chinese financial regulators through three annual Lord Mayor visits to China. Stronger links have been forged with the Chinese regulators community including the China Insurance Regulator (CIRC) and China Banking Regulatory Commission (CBRC). Lobbied government on market access issues UKTI has lobbied the Chinese government on broader market access issues affecting the UK financial services sector. Significant progress has been made on the lifting of barriers in the insurance, securities sectors and on restrictions on professional institutes. Welcomed business missions to the UK UKTI has helped support a strong visitor’s programme in 2009. This included visits by the President Hu Jintao, Premier Wen Jiabao, Vice Premier Wang Qishan, and the Minister for Commerce Chen Denming, Minister of Justice Wu Aiying and several Vice Chairmen from the financial regulators sector. Engaged Chinese companies at high profile events London welcomed the first ever overseas event by the prestigious Boao Forum an influential Chinese think tank and conference organiser. UKTI’s engagement with Boao, in June 2008 and September 2009 brought over 270 senior decision makers in government and business to the UK. UKTI also facilitated speakers at several events including Lujiazui, Boao, Tianjin PE and the International Bankers Conference in Shanghai 2008. Created excellent publicity and profile in the media UKTI welcomed a contingent of Chinese foreign press to the UK and generated positive coverage about UK excellence in financial services. Equally UKTI continues to sell UK excellence with positive FDI success stories in China. For example, two organised press visits by UKTI, generated over 80 positive press articles in the China media. Helped UK companies meet the right contacts Through our OMIS programme arranging service UKTI has helped UK companies meet the right decision makers at key Chinese government departments. Through this service, UKTI has also lobbied the Chinese government on company specific issues such as licence applications. Developed engaging seminars to market UK expertise UKTI, in conjunction with the City of London and CBBC, has organised seminars to an audience of over 3,000 Chinese companies. These seminars promoted UK advisory expertise in: Listings – international and domestic Mergers & Acquisitions Foreign Direct Investment Alternative Dispute resolution Insurance Rural finance Education, training & qualifications Risk management Islamic Finance
Key calendar dates
UKTI & CBBC Four multi sector missions to regional cities in China during 2009-10 The Lujiazui Forum, Shanghai May-June 2010 BOAO Forum April 2010 Shanghai Derivatives Forum June 2010 City UK Forum at Shanghai World Expo 2010 8-18 September 2010 China Bankers Forum September 2010 Note: Event dates and timings are subject to be confirmed closer to event date. For further information please contact: Ben Raby Consul – Trade & Investment Tel: +86 (0)21 3279 2024 Email: [email protected]
KEY FACT:
During 2008-9 the UKTI Financial Services team recorded 489 pro-active visits to UK and Chinese companies in China.
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PROGRESS TO DATE
Since 2007 UKTI has helped many companies access new opportunities in China’s financial and professional services sector. Below we provide a snapshot of some of the activity we have undertaken. Insurance UKTI Beijing helped lobby the Chinese authorities to ensure the RSA was amongst the first batch of foreign insurance companies to be granted permission to form a Chinese local subsidiary, thereby helping speed their business growth in China. UKTI Beijing lobbied the CIRC to help expedite the insurance broking licenses for Locktons. Fund Management UKTI has helped introduce members of the UK fund management and Private Equity communities to the key Chinese sovereign wealth funds such as CIC, SAFE and the National Social Security Fund. UKTI Hong Kong helped LDC (Lloyds TSB's private equity arm) launch its Hong Kong office in March 2009. This was followed by an in-market opportunity for its Managing Director in Hong Kong to speak at a high-end seminar on private equity during the Lord Mayor's visit in summer 2009. Education UKTI Guangzhou helped CIMA gain access to many senior local government officials and helped deliver speeches at CIMA events. This support significantly helped to raise CIMA's profile in the South China region. UKTI Shanghai has recruited speakers for ACCA’s high profile series of thought leadership conferences. Professional Services UKTI Guangzhou secured international law firm, Stephenson Harwood & Lo attendance in meetings with senior government officials and new clients. This helped generate potential business opportunities and raise Stephenson Harwood & Lo profile. UKTI Chongqing supported the grand opening ceremony for ACCA Chengdu Office by securing speeches from senior government officials and attendance from companies/institutes in the relevant sector. Under the Going Global seminars organised by the UKTI, in partnership with CBBC, UK legal, accountancy and professional advisers have presented to approximately 1,500 Chinese companies interested in fund raising, FDI and M&A. UKTI Beijing has successfully lobbied the Chinese authorities to allow UK Professional institutes to independently register as charitable organisations in China. New regulations permitting this are to be introduced in 2010. Banking UKTI Shanghai supported the visit of Barclays’ CEO to Shanghai and secured a call on the Mayor and provided a networking opportunity for key contacts. UKTI Shanghai helped a UK-based financial services jobs board eFinancialCareers gain access to decision makers in the Shanghai Municipal Government.
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CASE STUDIES
THE LEGAL PROFESSION GOES GLOBAL
International commercial law firm Stephenson Harwood has had offices in China for nearly 30 years’. With the help of UK Trade & Investment, it is now expanding its reach across the country. UK Trade & Investment suggested that the firm join “Going Global”, a joint initiative with the China-Britain Business Council. This initiative introduces UK financial and professional firms to Chinese companies with an interest in raising capital, or requiring advisory services in order to expand nationally or internationally. Going Global seminars are held in several cities a year presenting potential Chinese clients with a rane of expertise including advisory services on listings, mergers and acquisitions and investing in the UK. Working with UK Trade & Investment, Stephenson Harwood has already landed two new Chinese clients, both of which it helped to list on the London Stock Exchange. “We would never have had the opportunity to meet as many potential clients as we have without participating in Going Global,” says Peter Bradley, Partner at Stephenson Harwood. “Our success with the initiative has pushed the firm to consider expanding its Shanghai offices and in the future, we may even open another branch in China.” The firm is also looking to increase it’spresence in the Middle East with UK Trade & Investment support and has recently openedan office in Singapore.
MEET THE TEAM
DEVELOPING THE GLOBAL STANDARD IN EDUCATION
The Chartered Institute of Management Accountants (CIMA) has worked hard in China to increase awareness of its internationally recognised qualification. The qualification acts as a passport for management accountants to work for businesses around the world. CIMA’s plans to expand to other areas of the country that are marked by the Government for development, and works with universities in China to increase students’ awareness of the CIMA qualification. CIMA is also targeting Chinese students in the UK and other countries who want to return home and work for international companies. “Without UK Trade & Investment, it would have taken us a lot longer to build the links we have with local companies and the Government,” says Rick Sturge, Director of Strategic Development at CIMA. Sturge says “In China, you need to be patient and take the time to get to know the local market and develop a focused entrance strategy. Local embassy staff can help you save time and are always willing to arrange events. UK Trade & Investment’s support has been invaluable to us in building a brand presence in China.”
Get the support you need to succeed To find out more about the wealth of opportunities in the UK financial services sector and to get the support you need, explore the contacts below.
UK TRADE & INVESTMENT
UK Trade & Investment is the Government organisation that supports companies in the UK doing business internationally and overseas enterprises seeking to set up or expand in the UK. Its role is to help companies realise their international business potential through knowledge transfer, and ongoing partnership support. To support its aim to ‘enhance the competitiveness of companies in the UK through overseas trade and investments; and attract a continuing high level of quality foreign direct investment’, UK Trade & Investment will be the catalyst to help your business prosper. As the UK Government’s international business development organisation, our services bring together a network of business sector specialists and support teams around the UK and in British Embassies and Posts all around the world.
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UKTI CHINA FINANCIAL SERVICES TEAM
The China financial services team has staff located at the British Embassy in Beijing and the Consulates in Shanghai, Chongqing, Guangzhou and Hong Kong. Contact the team in China or London with your questions about the sectors of interest and region that you want to explore:
NORTH CHINA: BEIJING
Scott Strain Head of UKTI China Financial Services Team Jacqueline Ren Deputy Head, China Financial Services Team
EAST CHINA: SHANGHAI
Ben Raby Consul, Trade & Investment
WEST CHINA: CHONGQING
Helen Zhong Deputy Head of Trade and Investment / Senior Trade Officer
Tel: Email:
+86 (0)21 3279 2024 [email protected]
Tel (direct): +86 (0)23 6369 1507 Email: [email protected] Helen Zhong has worked on the financial services from UKTI Chongqing for five years’. She has been the project manager for three Lord Mayor’s visits to SW China. She helps the UK business to set up branches, apply business license, identify leads for M&A and listing and cope with market access barriers in SW China. Silver Yin Senior Trade Officer
Tel: Email:
+86 (0)10 5192 4361 [email protected]
Tel: Email:
+86 (0)10 5192 4455 [email protected]
Scott Strain is the First Secretary Financial Services and the Head of the UKTI China Financial Services Team at the British Embassy Beijing. He joined the Foreign Office in 1989 and has served four times in China: twice in Beijing in the 1990s and again since 2007. As Deputy Consul General Scott also helped open our Consulate in Chongqing in 2000. He is a SOAS graduate holding a Msc in International Management for China (merit) and is a (self-taught) intermediate Mandarin speaker.
Jacqui Ren has been with the Financial Services Team since 2005. She joined the British Embassy Beijing in 2003 as Deputy Head of Press and Public Affairs. Prior to that she has worked with European investment banks in Hong Kong. Teng Liwei
Ben Raby was appointed Consul for financial and professional services in June 2007. He leads the team responsible for the support and promotion of UK financial and professional services in East China with a focus on securities and legal and professional services. He previously worked with the UKTI financial services sector group in London. Elizabeth Pan Trade & Investment Officer
Tel: Email:
+86 (0)21 3279 2025 [email protected]
Tel: Email:
+86 (0)23 6369 1540 [email protected]
Tel: Email:
+86 (0)10 5192 4453 [email protected]
Elizabeth Pan joined the British Consulate from the private sector in August 2008. She previously worked for Control Risks.
Silver Yin led on Lord Mayor's visit to Chongqing 2009, and assisted companies establishing office in Chongqing and applying business license.
Liwei joined the UKTI China Financial Services Team in July 2008. She studied finance at Glasgow and Dundee Universities and focuses her work on the derivatives and commodities sectors in China.
UKTI Chongqing is in charge of PE/VC subsector among UKTI's China Financial network.
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UKTI CHINA FINANCIAL SERVICES TEAM – LONDON
SOUTH CHINA: GUANGZHOU
Simon Kelly Consul, Trade & Investment
HONG KONG
Claire Ip Asst Trade Commissioner & China Trade Adviser
LONDON
Naomi Neal Head Financial Services, China, Asia Pacific and Americas David Brown Deputy Head, China Markets Unit
Tel: Email:
+86 (0)20 8314 3003 [email protected] Michael Zhang Trade and Investment Officer
Tel: Email:
+852 2901 3154 [email protected]
Tel: Email:
+44 (0)20 7215 8248 [email protected]
Tel: Email:
+44 (0)20 7215 8438 [email protected]
Tel: Email:
+86 (0)20 8314 3007 [email protected]
Both Simon and Michael joined UKTI in July 2008, and together cover all Financial and Professional Service sub-sectors, with a focus on Insurance, Banking and Fund Management.
Claire is responsible for Financial, Legal and Professional services at UKTI Hong Kong. Hong Kong forms an integral part of the China Marketing Strategy, and plays a pivotal role in China's market liberalisation. Claire's role is to identify opportunities in which UK financial and professional services sector could have a competitive edge in Hong Kong. She also gives advice and guidance on how UK companies can capitalise on growing business opportunities in China by using Hong Kong as a gateway.
Naomi has worked in a range of trade related jobs within UK Trade & Investment including as Secretary to the Asia Pacific Advisory Group 1994-2001. She has been based in the Financial Services team since 2001 and worked with Scott Strain and the China Financial Services network to develop the current China Financial Services Strategy and Market Plan.
David Brown has been the Deputy Head of the China Markets Unit in UKTI since September 2008. Previously he was on secondment to International Financial Services London, with responsibility for, inter alia, China. Prior to that he was seconded to the FCO and headed up the Trade and Investment Section in the British High Commission in Nicosia (2003-7) and the Commercial Section in the British Embassy in Seoul (2000-2003).
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SUPPORTING ORGANISATIONS
THE CHINA-BRITAIN BUSINESS COUNCIL (CBBC) THE CITY OF LONDON CORPORATION
Duncan Levesley Business Development Manager China-Britain Business Council
Tel: Email:
+44 (0)20 7802 2009 [email protected] We are established in strategic locations across the market in Beijing, Shanghai, Shenzhen, Qingdao, Wuhan, Chengdu, Nanjing, Hangzhou, Shenyang, Chongqing and Guangzhou. In the UK, CBBC delivers its services via its head office in London, regional offices in Scotland, East of England, East Midlands, North West, Yorkshire & Humber and Wales and a network of partners throughout the UK. Further information For more information visit: www.cbbc.org or email: [email protected]
The City of London Corporation is an unusually diverse organisation with three main aims – to support and promote the City as a world leader in international finance and business services; to provide the highest quality local government services for the Square Mile; and to provide valued services to London and the nation as a whole. The Lord Mayor, who is the head of the City of London, promotes UK-based financial and business services worldwide and welcomes world leaders on behalf of the UK Government. Building on the its longstanding engagement with the Chinese financial services sector, including regular Lord Mayoral visits, the City of London provides offices in Beijing and Shanghai. With the overall aim of strengthening trading and investment links between China and the UK through the provision of world class financial services and products, the offices promote the City in China. These services include the raising of capital, insurance, asset management, infrastructure finance and consultancy, London’s exchanges, business education & training and legal & advisory services. They also promote the UK as a location for Chinese companies to locate and invest, and facilitate the business development of City firms in China. Contact information: Eva George Business Development Manager City of London Tel: +44 (0)20 7332 1565 Email: [email protected] Ingrid Liu Chief Representative, City of London Shanghai Representative Office Tel: +86 21 5117 8986 Email: [email protected] Andie Wang Chief Representative, City of London Beijing Representative Office Tel: +8610 8419 3332 Email: [email protected]
The China-Britain Business Council (CBBC) is the UK’s leading source of practical services to British companies doing business with China. CBBC supports British companies of all sizes – new entrants and established operations – through providing business services, practical in-market assistance and industry initiatives. CBBC works in partnership with UKTI to deliver many services. In addition to this, we deliver a range of practical, comprehensive services to British companies wishing to export goods and services, invest in China or establish collaborative partnerships with Chinese companies. Our practical in-market assistance includes market research, “Representative Office”, “Launchpad” and “Hot Desk” facilities, trade missions and exhibitions, event management and translation services. Membership offers further benefits including on-going support and networking (in both the UK and China), discounted prices for services, special member-only events and information.
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UK REGIONAL CONTACT INFORMATION
INTERNATIONAL FINANCIAL SERVICES, LONDON (IFSL) UK REGIONS
Scottish Development International Atlantic Quay, 150 Broomielaw Glasgow G2 8LU Tel: +44 (0)141 228 2828 Invest Northern Ireland Bedford Square Bedford Street Belfast BT2 7ES Tel: +44 (0)28 9023 9090 International Business Wales Welsh Assembly Government Trafalgar House 5 Fitzalan Place Cardiff CF24 0ED Tel: +44 (0)1443 845500 One NorthEast Stella House, Goldcrest Way Newburn Riverside Newcastle upon Tyne NE15 8NY Tel: +44 (0)191 229 6200 www.onenortheast.co.uk North West Regional Development Agency Renaissance House Centre Park Warrington Cheshire WA1 1QN Tel: +44 (0)1925 400100 www.nwda.co.uk Yorkshire Forward Victoria House Victoria Place Leeds LS11 5AE Tel: +44 (0)113 394 9600 www.yorkshire-forward.com East Midlands Development Agency Apex Court City Link Nottingham East Midlands NG2 4LA Tel: +44 (0)115 988 8300 www.emda.org.uk
IFSL’s role is to promote the international activities and expertise of UK-based financial services: it is the only independent cross-sectoral organisation representing this sector. Through consulting its members and co-operating with the UK Government, IFSL organises events at home and abroad that promote skills and expertise, such as in Islamic Finance, which can be accessed from the UK. It compiles reports and statistics that raise awareness of the size and importance of London and the UK as an international financial centre. IFSL also works towards the opening of financial markets and removal of barriers to trade in services.
It has inaugurated a new Working Group on Islamic Finance which has now held three meetings all of which have regularly attracted interest from some 60 member companies, further evidence of the growing importance London attaches to this area. IFSL will be publishing its next report on Islamic Finance in January 2009. Contact For further information, please visit: www.ifsl.org.uk Wayne Evans Tel: +44 (0)20 7213 9112 Email: [email protected]
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ACKNOWLEDGMENTS
Advantage West Midlands 3 Priestley Wharf Holt Street Aston Science Park Birmingham B7 4BN Tel: +44 (0)121 380 3500 www.advantagewm.co.uk East of England International 2 Quayside Cambridgeshire CB5 8AB Tel: +44 (0)1223 450450 www.eeia.com Think London Level 35 25 Canada Square London E14 5LQ Tel: +44 (0)20 7718 5400 www.thinklondon.com South East England Development Agency Cross Lanes Guildford GU1 1YA Tel: +44 (0)1483 484200 www.seeda.co.uk South West of England Regional Development Agency Sterling House Dix’s Field Exeter Devon EX1 1QA Tel: +44 (0)1392 214747 www.southwestrda.org.uk Acknowledgments and thanks to the following:
Financial Services Sector Advisory Board (FSSAB) & the Regional forum FSSAB is a group comprised of business and Government leaders that advise upon the development and implementation of the promotional strategy for the UK’s Financial services sector. Working closely with UK Trade & Investment, FSSAB plays an integral role in the identification and development of the promotional priorities for the sector. Through coordinated engagement with financial services stakeholders, FSSAB members assist in enhancing the UK’s competitiveness and furthering the goal of maintaining the UK’s position as the world’s leading international financial centre. The regional forum is a sub group of FSSAB. Its members continue the work of enhancing the UK’s competitiveness with a focus on excellence in the financial and professional services sector from the nine English regions and the three devolved administrations (Scotland, Wales and Northern Ireland).
Professionaliverpool The aim of professionaliverpool is to promote professional excellence in Liverpool and the surrounding region, thus maintaining and enhancing the image of the professional community as a whole and Liverpool's reputation as a financial centre. It also aims to enhance opportunities for its members to develop networks and to assist in the economic development of Merseyside and the North West. For further information visit www.professionaliverpool.com
Scottish Development International (SDI) SDI is a Scottish Government business agency, which promotes inward investment and helps Scottish companies develop international business opportunities. We offer active support for financial services in Scotland and a single point of contact for companies interested in developing overseas business. For further information visit www.sdi.co.uk
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Scottish Financial Enterprise (SFE) SFE are the representative body for Scotland's financial services industry, with members ranging from global companies headquartered in Scotland to small, locally-based support businesses. Members also include international companies who have opened key European bases in Scotland, attracted by our skilled workforce and long experience in the industry. Together they make an important contribution to Scotland's economy. For further information visit www.sfe.org.uk
British Expertise British Expertise is the leading UK private sector organisation for British companies offering professional services internationally. Our 210 member companies range from large general consultancies to specialist individuals. They offer their services across a wide range of sectors and in almost every country in the world. They have a high reputation for quality. For further information visit www.britishexpertise.org.uk
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