Cayman well received in China

As entities from the Cayman Islands collectively amount to the 10th largest investor into China, the Leader of Government Business, McKeeva Bush was invited to speak at the 13th Annual Trade and Investment Conference held from 8 to 11 September in Xiamen, China.

The conference was attended by approximately 25,000 delegates from all corners of the globe.

Because Mr. Bush was unable to attend, Mr. Wilton McDonald II from Higgs Johnson Truman Bodden & Co. was invited to deliver Mr. Bush’s speech, which was well received by the delegates.

The Cayman Islands were described as being the 5th largest banking centre in the world and having $1.5 trillion in banking liabilities, as well as being home to 279 banks as of June 2008. Of these banks, 19 of them are licensed to conduct banking activities with Cayman based and international clients and the rest are licensed to operate on an international basis with only limited domestic activity.

After the conference, a delegation flew to Beijing for a series of meetings with the China Investment Promotion Agency and the Ministry of Commerce.