Reunioun mam chineeseschen Finanzminister Lan Fo’an. / © Chineesesche Finanzministère
For the past week, CSV Finance Minister Gilles Roth, has been on a financial mission to the People's Republic of China.
Minister Roth described his meeting with his Chinese counterpart, Lan Fo’an, as very positive. China, aiming for a 5% GDP growth target by 2025, is keen to ensure a stable global economy and uninterrupted international trade. The minister revealed in an interview with RTL that China holds the Grand Duchy in high regard.
“What stood out to me is that, due to severe air pollution, China is fully committed to renewable energy. Already, 40% of the country’s vehicle fleet is electric. This presents a significant opportunity for Luxembourg’s financial services, as we are leaders in sustainable finance”, Roth explained.
The minister also held meetings with presidents of major Chinese banks in Shanghai and with Fintech firms in Hangzhou.
Alongside banks, insurance companies, and investment funds, financial technology is becoming increasingly important for Luxembourg. Roth stressed that Luxembourg is viewed as a trustworthy partner in China, a reputation bolstered not only by its AAA credit rating but also by other key factors.
“They are particularly interested in political stability, which, unfortunately, is lacking in some of our neighbouring countries and in Europe, in general. They also value Luxembourg’s responsiveness in continuously adapting its legislative framework. Luxembourg is seen as a reliable partner and a gateway for Chinese financial services into Europe.”
In the coming two days, Gilles Roth will visit Hong Kong, where he is scheduled to meet Hong Kong’s Finance Minister and participate in the Asian Financial Forum.
