JUNE 18: JLT China invited to conference discussing 25 new measures launched by Shanghai Free Trade Zone
28 June 2018
On the afternoon of the 21st of June, the Shanghai Free Trade Zone Administrative Committee summed up its work on expanding its financial industries by launching the forum: “Opinions on the New Advantages of the Expansion of the China (Shanghai) Pilot Free Trade Zone” (herein referred to as the “Opinions Conference”).
The Opinions Conference aims to:
- Implement the central government's strategic initiatives to further expand the opening up of the free trade zone’s financial industry
- Undertake trials for the establishment and innovation of foreign-funded financial institutions
- Maintain the free trade zone’s leading position in the financial industry
- Strengthen Shanghai’s Global resource allocation capabilities an influence
- Further develop new strengths
The Opinions Conference covered the twenty-five measures through six major parts, namely:
- Attracting foreign financial institutions to cluster
- Facilitate the establishment of foreign financial institutions
- Comprehensively deepen financial reform and innovation
- Construction of the Financial Services Science and Innovation Centres
- Developing high-level financial talents
- Building the six aspects of an international and integrated financial and legal environment
The conference demonstrates its use as a "test site" for the Shanghai Pilot Free Trade Zone’s expansion measures, strengthening the support and protection provided by the linkage between the Shanghai International Financial Centre and the Pilot Free Trade Zone.
JLT China’s CEO, Philip Rong, was interviewed before the commencement of the conference.
Following one of China’s biggest measures to open its financial industry internationally, JLT is the second foreign-funded organisations approved to expand its business here. What are the resulting benefits to JLT as a result of this approval?
Philip Rong: The China Insurance Regulatory Commission recognises JLT’s commitment to the Chinese market and value we contribute in terms of the professional skills and capabilities. The expansion of the business scope will further enrich our products and services in the Chinese market and JLT has expanded our services in “large commercial risks” to providing comprehensive risk consulting, insurance brokerage and employee benefits for all companies and individuals in China. Combining our rich local experience and strong global expertise, we are able to meet the growing needs of existing and potential clients in China.
One of the free trade zone’s 25 measures includes strengthening the capabilities of the Shanghai Pilot Free Trade Zone’s financial services in the “One Belt, One Road” initiative. What measures does JLT have for the “One Belt, One Road” initiative?
Philip Rong: The Chinese government's One Belt One Road initiative has created unprecedented opportunities for JLT. As a leading global specialist risk adviser and broker, JLT is committed to supporting and protecting Chinese interest abroad. The construction of the “Belt and Road” requires the building of a large amount of foundational infrastructure which comes with complex risks that requires management and mitigation. We have already made preparations several years ago by assembling global and local teams of risk experts in construction and politics. We have also accumulated much experience from our China high-speed rail projects. We hope to be involved with more projects in the “Belt and Road” initiative.
This year, JLT has relocated its headquarters from Guangzhou to Shanghai. What are your plans to continue developing in China?
As the financial and insurance hub, Shanghai has a strong geographical advantage. Be it talents, funds, customers, markets and policies, there is great support and benefits here for JLT. Our headquarter move from Guangzhou to Shanghai is an important milestone in our progress. With the support we have from JLT Group and Jardine Matheson, we will further our presence in China. Along with reinforcing our position as a leading global specialist risk adviser and broker, we will continue supporting the rapid growth in the health, wealth, consulting and reinsurance sectors.