Luxembourg’s Minister of Finance, Pierre Gramegna, visited China from September 25th to 29th  for high-level bilateral meetings, including with Minister of Finance Xiao Jie and Governor Zhou Xiaochuan of the PBOC. The Minister was heading a delegation of more than 70 key decision-makers from Luxembourg’s financial services industry.

 

In the context of the yearly road show, Luxembourg for Finance has organised conferences in Beijing and in Shanghai bringing together financial services professionals to discuss recent developments and trends in the investment sphere between China and Europe.

 

Several cooperation agreements have been signed:

  1. An MoU between the bankers’ associations of both countries, ABBL and China Banking Association, to strengthen the international exchange and co-operation in the banking industry as well as between the Luxembourg House of Financial Technologies (LHoFT) and Tsinghua University Science Park Ventures to promote Fintech investments between China and Europe.

 

  1. The International Institute of Green Finance, CUFE, Luxembourg Stock Exchange and China Securities Index jointly launched the “CSI 300 Green Leading Stock Index”. The index will be an important yardstick of value for investors to appreciate the performance of green Chinese listed companies.

 

  1. The Luxembourg Stock Exchange (LuxSE) and Shanghai Stock Exchange (SSE) expanded their co-operation by signing an addendum to an existing Memorandum of Understanding (MoU) to launch the first ‘Green Bond Channel’ between China and Luxembourg. This extension will enable SSE-listed green bonds to be displayed on Luxembourg Green Exchange. China’s $9 trillion bond market is the second largest in the world, but only 2% of Chinese bonds are foreign-owned. This addendum agreement will significantly help to connect issuers and international investors outside China and provide exhaustive information to them.

 

  1. China UnionPay, the parent company of UnionPay International, is to set up operations in Luxembourg to expand in the European market.

 

  1. ICBC Luxembourg and the LuxSE jointly announced the bank’s inaugural issue of green bonds to be listed on Luxembourg LGX. The proceeds of the green bonds will be used to support China’s Belt and Road Initiative (BRI) and refinance eligible green projects in domestic provinces and foreign countries key to the Initiative.

 

  1. An MoU concerning innovative visa application process was signed between the Embassy of Luxembourg in China and Fliggy, the tourism branch of Alibaba group.
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