Hsiao-Yun Lee, CEO at Société Générale Private Banking China
The development of China, be it past development or future development, is without precedent - as such, no single country in the world can ignore it. With this in mind, KPMG Luxembourg brought together high-profile Chinese executives from the land of the dragon and key Chinese personalities in Luxembourg in an effort to foster better mutual understanding – with all the positive effects this brings.
While in the past, there have been huge gaps in communication, understanding and ways of working together, these gaps are becoming smaller and smaller. The speakers demonstrated how people are building bridges, be it in wealth management, asset management, art or culture: all topics covered during the conference.
What role can Luxembourg play?
This conference, and other similar conferences, is a very good example of such a bridge one can build on – yet how can Luxembourg play a role in this? For many of the speakers, Luxembourg is the ideal bridge for China into Europe and the ideal bridge for Europe into China. Gao Ming of ICBC (Europe) S.A. praised Luxembourg as fast moving, be it for administration, tax or regulation. Hsiao-Yun Lee, CEO at Société Générale Private Banking China focused on the unique pull Luxembourg has for Chinese High Net Worth Individuals.
Luxembourg might be among the places chosen for diversifying family resource thanks to its appeal as a low-key destination in Europe, offering greater privacy than other banking centres.
Daniel Wang of Beijing Huinong Capital Management Corporation echoed these thoughts when speaking on Chinese asset managers.
When we begin to look elsewhere, Luxembourg is very attractive for Chinese investment managers – it could be our gateway to Europe.
The speakers all joined together in highlighting the multicultural and, importantly, client-oriented nature of Luxembourg’s workforce, making the Grand-Duchy particularly attractive to clients with international requirements, no matter which industry they are operating in.
A panel discussion, moderated by KPMG Managing Partner Georges Bock, closed the proceedings. The panel focused its attention on the excellent examples we see today of connections already made between the two countries - ICBC, Bank of China, or Huawei to name but a few. These examples provide proof that mutual understanding works. So, let us talk to each other, let us listen to each other and we can make build a bridge between Luxembourg and China.