Luxembourg economic mission to China
On 16 December 2013, TT.RR.HH Hereditary Grand Duke and Hereditary Grand Duchess of Luxembourg, along with Etienne Schneider – Vice Prime Minister and Minister of Economy, as well as Francine Closener, State Secretary at the Ministry of Economy, led an economic mission to Beijing.
The official delegation of Luxembourg had a meeting in the Chinese capital with Gao Hucheng, Minister of Commerce of the People’s Republic of China. Various topics were discussed. These included economic cooperation and, in particular, Luxembourg companies that have invested into mainland China and the growing number of Chinese companies using Luxembourg as a hub to enter the European market.
This economic mission is part of an ongoing initiative by the Luxembourg Government to make Luxembourg the leading international Renminbi (RMB) centre in Europe. Hence, the delegation was welcomed by the Governor of the Chinese central bank (People’s Bank of China – PBOC) Mr Zhou Xiaochan, as well as by the President of the Chinese financial market regulator (China Securities Regulatory Commission – CSRC) Mr Xiao Gang.
During these meetings, HRH the Hereditary Grand Duke along with Vice Prime Minister and Minister of Economy Etienne Schneider, gave an update on the recent evolution of financial activities in RMB in the Luxembourg financial centre. They also expressed the satisfaction of the entire economic and financial community in welcoming to Luxembourg the three largest Chinese banks. Vice Prime Minister Schneider reiterated that it was the firm will of the Luxembourg Government to contribute to the process of internationalisation of the RMB and to further reinforce collaboration between the two countries, in particular with the establishment of a high level dialogue about financial questions and investments.
The official delegation also attend the opening ceremony of the brand new offices of the company Paul Wurth, which supplied its first shipment of steel equipment to China in 1911. During his speech, HRH the Hereditary Grand Duke emphasised that commercial relations between Luxembourg and China have long been based on the steel industry.