Chinese enterprises ready to use Hong Kong as one-stop shop for global expansion…

Associations, Conferences, Seminars, Forums, Events, Insurance and Reinsurance, Marine Insurance, Politics and Government — By on September 22, 2014 at 11:53 AM
Laura Cha addresses IUMI.

Laura Cha addresses IUMI.

Chinese enterprises ready to use Hong Kong as one-stop shop for global expansion, financial services chief Laura Cha tells IUMI,  By James Brewer in Hong Kong

Hong Kong is positioning itself to offer ‘one-stop’ service for mainland Chinese companies, Laura Cha, the Special Administrative Region’s chairman of the Financial Development Council, has told the International Union of Marine Insurance during its conference in Kowloon.
Ms Cha reinforced the message of Hong Kong chief executive CY Leung who a short time earlier had expressed his enthusiasm for greater co-operation with marine insurance and other service. She was delivering one of the keynote addresses on the opening day of the IUMI gathering.
She said that China was enthusiastic over the “going out” phase of its development and wanted to see more product innovation to serve the evolving needs of mainland enterprises. The move to conduct more business in renminbi currency was increasing “and this will include marine insurance products.”
Hong Kong would work with its partners in the mainland and overseas to explore opportunities. “Both state-owned and private enterprises are encouraged to increase their participation in the global markets and make investments overseas in their next phase of growth, as they have accumulated substantial amounts of capital, ” said Ms Cha. The country wanted to increase the cross-border use of renminbi, with renminbi-denominated products and effective benchmarking in pricing the products.
Hong Kong - Victoria Harbour at night

Hong Kong – Victoria Harbour at night

Hong Kong offered itself as a one-stop shop that would meet the growing need for high-quality service in insurance.

“Together we will consolidate Hong Kong’s position as the platform for first-class global service, ” she told the IUMI delegates.
Earlier Ms Cha underlined Asia’s maritime role, saying that four of the five busiest international trade routes involved the continent.
Mainland China offered particularly bright prospects for marine-related services, including insurance, she said, with substantial amounts of marine premium emanating from the country.
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