ChinaLux News

ChinaLux News (182)

CHINALUX is delighted to announce the appointment of the new President, Ms. King Zhujun XIE; and the new Vice Presidents, Mr. Jacques BORTUZZO and Ms. Christine REHFELDT.

 

CHINALUX has re-appointed Ms. Amanda YEUNG as Vice President and Treasurer; and Mr. Yi WANG as Executive Director.

 

The former President, Mr. Dirk Dewitte has been appointed as Honorary President in recognition of his continuous contribution to the Chamber.

 

The newly elected Executive Board members are as follows:

 

Mr. Rémy BONNEAU

Mr. Jacques BORTUZZO

Ms. Thérèse COLLINS

Mr. Benoît CUVELLIER

Mr. Dirk DEWITTE

Mr. Sami DOUENIAS

Ms. Frederique DUVAL

Ms. Hui GAO

Mr. Alain LAM

Ms. Emily LE VAILLANT

Mr. Shuai LU

Mr. Raphaël PONCHON

Ms. Christine REHFELDT

Ms. Hongdan SHI

Mr. Zhijun SHI

Ms. Diane TEA

Mr. Yi WANG

Ms. King Zhujun XIE

Ms. Sun YANG

Ms. Amanda YEUNG

Mr. Wayne ZHAN

Mr. Chi ZHANG

 

Thursday, 27 June 2019 00:00

ChinaLux 2019 AGM & Cocktail Reception

On the 27th June 2019, the ChinaLux 2019 Annual General Meeting (AGM) took place at the Luxembourg Chamber of Commerce.

Attended in person by approximately 50 members, as well as by proxy by many more, the assembly were presented with updates on the Chamber’s activities during the past calendar year.

We wish to thank our members not only for their attendance at the AGM but also for their on-going support.

Please watch this page for the AGM minutes and the official announcement of the elected board members.

On the 25th June 2019, ChinaLux co-organised a morning workshop at the Luxembourg Chamber of Commerce on the occasion of the BenCham EU SME 2019 Roadshow.

During the workshop, our members and friends were treated to presentations by Michiel Vos, Senior Manager Corporate Services, Moore Stephens Advisory, Liam Jazcii, Business Development, EU SME Centre, and Patrick Jeanne Senior Manager of Government and Industry Relations, Cargolux.

The speakers covered the topics of the Sino-Benelux Business Survey 2019 results, the outlook for China's business climate for SMEs, and the “Silk Road in the Air” respectively. Key thoughts and discussions? Interestingly, salary and administrations costs for Benelux companies in China is a concern, however, last year business was profitable for said companies and the indications for 2019 are also positive. As for the Belt and Road and the “Silk Road in the Air”, the question of rail versus air freight led to a discussion around different, but complementary, mediums. 

Thank you to our friends and partners coming from China – the Benelux Chamber of Commerce in China (BenCham), the EU SME Centre, and Moore Stephens. A special thank you also to our colleagues from Cargolux.

To download some of the presentations, please click on the links below. 

Wednesday, 22 May 2019 15:46

Nanjing Techweek @ Luxembourg

  

On Tuesday afternoon, Luxembourg's Chamber of Commerce hosted an event within the auspices of the Nanjing Techweek @ Luxembourg event, during which a Memorandum of Understanding was signed regarding the Nanjing-Luxembourg Overseas Coordination Innovation Center.

Nanjing, the capital of the Jiangsu province, is located 300km inland from Shanghai and has a 2,600 year history and has a booming tech industry.

Carlo THELEN, Director General of Luxembourg's Chamber of Commerce, referenced historical links between China and Luxembourg. He mentioned that Luxembourg has attracted seven Chinese banks as well as fund companies, etc., from China, in addition to other industries. He stated "Innovation is the key to success and Luxembourg is a key position". He referenced the ICT Spring 2-day event which started today in Kirchberg and which addresses sectors including AI, FinTech and Space, with China as Country of Honour. He stated that, in November, Luxembourg will visit China on a trade mission and will try to include Nanjing in that itinerary. He mentioned that Nanjing served as the capital of various Chinese dynasties, etc., in the past.

HE Changoing HUANG, the Chinese Ambassador to Luxembourg, welcomed the Nanjing delegation and thanked Carlo Thelen and the Chamber of Commerce for hosting the delegation.

Daniel DA CRUZ, Director General for Foreign Trade and Investment Promotion at Luxembourg's Ministry of the Economy, was representing Deputy Prime Minister and Minister of the Economy, Etienne Schneider, described the economic relations between China and Luxembourg as excellent and referenced AI, space and other sectors offering innovative opportunities for companies from both countries in the future. He described Luxembourg as both efficient and effective, being located in the middle of Europe. He referred to the Belt and Road initiative signed in March 2017. He described Nanjing as a hub that it is innovative and offers ample room for cooperation, with Luxembourg companies going to China to apply their products, with Chinese start-ups being innovative in adopting new ideas. Working hand-in-hand to identify promising projects and promoting exchanges will lead to future collaboration.

Dirk DEWITTE, President of the China-Luxembourg Chamber of Commerce, welcomed the Nanjing delegation and stated that he intends to accept to offer to visit Nanjing in June. He described the itinerary of the delegation being very intensive and thanked all those for helping ensure it were off smoothly. From a cooperation and business development perspective, the business sectors of Nanjing and Luxembourg are similar, with both being innovative with people thinking "out of the box" to see what can be done differently.

The keynote address was presented by HE Zhihong ZHU, Secretary of the Luhe District Party Committee of Nanjing, on "Innovative Nanjing". He spoke in Chinese, with an interpreter translating into English. He explained the aims of the Nanjing TechWeek in Luxembourg and confirmed that they have built a 1.2 km2 fast-developing high-tech park in Nanjing, on of 15 such initiatives in and around the city, each focussed on different business sectors. He also stated that they have created a good ecological environment for innovation. He concluded by stating that Innovation and Cooperation lead the future.

The event concluded by the signing of a Memorandum of Understanding regarding the Nanjing-Luxembourg Overseas Coordination Innovation Center, before a networking reception for the 75+ attendees present.

Source: Chronicle.lu

Thursday, 25 April 2019 00:00

CHINALUX 2019 Extraordinary General Meeting

IMG 2560 resized

On April 25 2019, ChinaLux welcomed its Extraordinary General Meeting at “La Biscuiterie by Goeres”. The year’s EGM was to vote on the amendment to ChinaLux Statutes.
Nearly a hundred of members were present to this event. Together with the received proxies in advance, 121 Members were present or represented out of 180 members registered with the chamber. The chairman then put up for vote the above-described amendments to the Statutes of the Chamber, which were accepted unanimously by the Members present and represented.


This meeting was followed by a wine-tasting session provided by In Vino Gildas, where our guests were able to taste some cheese and discover wines from three foreign countries: Italy, Spain and Argentina.


Do not forget our upcoming event the AGM on June 2019, stay tuned for more information.

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(From left to right): Jerome Wiwinius, Head of Corporate Sales , LALUX; Sylvie Leick, Partner, EY; Dirk Dewitte, President of ChinaLux, ChinaLux; Philippe Schmit, Partner, Arendt & Medernach

On 4th of April 2019, ChinaLux hosted the event "Ask the experts: Update on Insurance, Tax and Immigration aspects for Expats living in Luxembourg" at LALUX Auditorium in Leudelange. Three Experts respectively from LALUX, EY and Arendt & Medernach were invited.

This event is Chinalux first event targeting at the Expats communities in Luxembourg. The objective was to inform our guests about insurances, Taxes and Immigration opportunities.

ChinaLux's President Mr. Dirk Dewitte started the event by a welcome speech with special thanks to our Golden sponsor Lalux and Sliver Sponsor Arendt &Medernach.

Head of Corporate Sales at Lalux Mr Jérôme Wiwinius continued his speech concerning what insurance needs expats face in Luxembourg. Jérôme dedicated his attention on 3 main insurances on the market: Life insurances, non-life insurances and health insurances.. Afterwards, he focused his presentation on pension and life insurance and their tax advantages with details. He gave some key figures, how many workers are they in Luxembourg, how many foreigners and cross boarder workers. He also described the 3 pillars as follows: The Social security, Occupational pension scheme and finally the personal contracts.

After Jérôme's speech, Ms Sylvie Leick from EY presented some general information in relation to the preparation of Luxembourg income tax return. Moreover, her speech covered several aspects of taxes and more precisely: the tax residency and concepts (who is implicated in this tax and criteria), the different tax classes (married, single, divorced taxpayers, and so on), the types of income (rental, employment, self-employment,…), tax return (special expenses & extraordinary expenses) and finally tax rates with the filling formalities for the income.

Mr. Philippe Schmit from Arendt & Medernach finalized the presentation with the topic immigration opportunities for investors. He gave a technical overview which explained the application for the residence permit, and he suggested 3 different investor immigration scenarios. He also mentioned the private reasons for immigration, what applicants should prove for staying, how long the permit is available and what practical considerations should be taken.

After Philippe's speech, the President thanked all the speakers and proceed to the panel discussion, moderated by himself. The audience, after the panel discussion, animated the Q&A session.

Dirk finally thanked all the participants and the audience for their presence. At the end of the seminar, guests were delighted by a networking cocktail offered by Lalux.

Monday, 28 January 2019 14:29

Chinese New Year Celebration

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CHINALUX were delighted, alongside the Confucius Institute at University of Luxembourg and the Union Commerciale de la Ville de Luxembourg to co-organize the Chinese New Year Celebration, which took place on 26 January 2019. Guests were delighted by a Chinese Dragon and Lion dances performed by the internationally renowned AFDDLC troupe from Paris through the city center. A variety of stands demonstrating traditional Chinese arts and pastimes will be set up on the Place d’Armes such as Chinese paper cutting, Tai chi, Chinese calligraphy and a host of other activities. The traditional Chinese dumplings were also served to the participants. 

 

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Our thanks to RTL's full covering report for this wonderful afternoon of celebrations, as well as our Board representatives and Members who attended and supported the event. Our Vice-President Ms. Zhujun (King) XIE and Executive Director Yi WANG made a remarkable interview with Lisa Burke from RTL Today. 

 

Press: RTL 5 minutes (from 1:24 minutes),  RTL Reports: Chinese New Year Parade 

Photo: Copyright RTL

Monday, 28 January 2019 15:56

Music of Fudan: Chinese New Year Concert

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On 27 January 2018, together with the Confucius Institute at University of Luxembourg, CHINALUX hosted the first Chinese New Year Concert at the Tramsschapp Cultural Centre.

 

Bringing in the Year of the Pig, this flagship event in the CHINALUX calendar welcomed a full-capacity room of guests. Before the speeches guest were welcomed to a cocktail reception. Speeches were delivered by H.E. Mr. HUANG Changqing, Ambassador of People's Republic of China in Luxembourg, Prof. Stephane Pallage, President of the University of Luxembourg, Ms. Lin LI, Confucius Institute Representative at Fudan University, and Mrs. Zhu jun XIE, CHINALUX Vice-President. Following, the students of the Traditional Orchestra of Fudan University delighted the guests with Traditional Chinese Music Concert.

 

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We wish to take this opportunity to thank our colleagues from the Confucius Institute at the University of Luxembourg for a wonderful concert. We'd also like to thank our members and friends who attended and supported the event.  

1.Green Finance

(From left to right) Dirk Dewitte, CHINALUX, Nicki Kayser, Linklaters, Sascha Bremer, Luxembourg for Finance, Fabio Mandorino, ABBL, Li Li, ICBC Europe, H.E. HUANG Changqing, Ambassador of the People's Republic of China to Luxembourg, Professor Bo JI, Cheung Kong Graduate School of Business, Amanda Yeung, CHINALUX, YANG Kaiyu, ICBC Europe.

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(From left to right) Amanda Yeung, CHINALUX, Professor Bo JI, Cheung Kong Graduate School of Business, Nicki Kayser, Linklaters, Fabio Mandorino, ABBL, Li Li, ICBC Europe, Jackie Na LIU, Luxembourg Stock Exchange, Sascha Bremer, Luxembourg for Finance.

 

ChinaLux 5th BRI Event: Green Finance Seminar was held on 28th November 2018, at Luxembourg Chamber of Commerce. At the beginning, the president of ChinaLux Mr. Dirk Dewitte made a welcome remark to the audience. Mr. Dewitte thanked the organizers, sponsors and attendees for this event. He reviewed ChinaLux last year’s events/activities and gave a overview for next year’s events plan and projects. Mr. Dewitte emphasized that ChinaLux will stay on Top of the Chinese-Luxembourg BRI Strategy.

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Professor Bo JI from Cheung Kong Graduate School of Business gave a keynote speech on the topic “China, from red to green”. Professor JI began his speech with the quote “Luxembourg is small but professional and it has strong talent(⼩而精). ” The speech contains four parts:

I. From Red to Green “Red”: in the past, the economy growth was the matter, the GDP was the matter and it became the most important goal for Chinese government, the Chinese people has only focused on contributing to GDP (为了增⻓⽽增长). If we look back the past 10 years of the stock market in China, the line is flat which means what China didn’t make money, it was not profitable.

From the history perspective, back to the QING Dynasty (around 1720), China represented 30% of the global GDP, it was the most powerful country in terms of economy. After, China’s economy had been suffered from the modern history period (1840-1949) where we had Opium War, Culture revolution, etc. the economy started to grow again from 2001 when China joined WTO. China continue to grow, by year of 2024, it will become the largest economy in the world AGAIN.

Today’s conflict: Economy & Environment

With the fast economy developing, the consequences of environment regardless stared to show up, and China has beard these consequences and has realized the important of environment protection. China is the largest CO2 emitter in the world, it has many environmental issues like the water shortage, the environment degradation and the air pollutions, etc. which are the main issues that we are facing right now. This conflict is also global, such as the “London fog in 1952” and the “Rhine river pollution in Germany” which the historical lessons that we have to remember.

Today, China is transforming, from quantity to quality, manufacturing to innovation, from “red economy” to “green economy”, from visible to invisible, from urbanization to rural balance, and from short-term to long term. There are three stages of new China: China 1.0 from 1950 to 1980, and China 2.0 from 1980 to 2010 and China3.0 from 2010 since China joined WTO. In the Paris Agreement COP21, China played the most important role, it made a commitment to the world as a strong example.

II. China’s 13th FYP (five-year plan) is about “go green”, more specifically, we look at the green opportunities and green finance.

13th FYP and low carbon growth China’s “go green” strategy is about: 

· Strengthening energy efficiency;

· Implementation of environment protection effort (ex: city solid waste treatment);

· The tackling of the wide gap between the rich and poor (social issue - environment issue - economic issue).

Part of “go green” strategy achievements:

· China has worldwide 5 out of top10 wind turbine companies, 3 out of top 10 solar panel companies;

· For next 5 years, more than double its wind energy capacity, triple its solar and increase Electric Vehicles (ex: BYD - make affordable vehicles for mass market) ;

· over the next 3 years, China plans to cut down 20% coal production;

· China’s green bond market will raise RMB1.5 trillions for renewable energy and environmental projects. China may also become the first countries to issue sovereign Green Bonds.

China supports clean production and low carbon economy, China currently focus on developing renewable energy to meet the plan, such as the solar power, wind power and geothermal. China is already the largest single renewables producer with one third of world’s wind power, one fourth of solar capacities, etc.

“Green” is THE topic at the moment but it won’t last for long, because “in the future, green will be part of finance, it will just be common like the Wi-Fi, there will be no longer “green finance” such term”. The three key players: Environmental Governance, Green Finance, Green technology industry, they stand for policy and regulations, funds and technology. The role of bank here is not only providing the money, the bank itself has to know how business works, it needs to create values and know where to finance.

There is a clear arising of environmental investments: 75.4% goes to air pollution, 14.7% goes to waste water treatment, 17% goes to soil waste and others. The new energy vehicle and the green building materials industries are two main green technology that China attaches importance to. In fact, China is currently the largest Electrical Vehicles market in the world and it has 15% more market share than the EU, by 2020, this figure will increase 10 times than 2015.

Chinese consumers are known to be brand conscious but not brand loyalty, so they are easy to accept the new trend, and with Chinese government’s promotion, the Electrical Vehicles has developed quite smoothly.

III. Green opportunities

There are a lot of business opportunities between western countries and China. China will develop its own style combine with the purchase of core technologies, key parts and energy saving and environmentally friendly equipment from the developed countries: e.g. Maglev Trains, the Compak System.

IV. Green Finance

Starting from 2010, the Green Finance Industry has been taking its shape in China, all 21 major banks in China issued outstanding Green Credit.

The major initiatives of green finance are: establish a green finance system, develop green credit and bonds and set up the green development funds. The green finance should be viewed as the core business, not as the companies’ Corporate Social Responsibility. Only by identifying who is green and who is not, will the market be able to effectively invest funds into the sectors.

Chinese banks are one of the earliest to issue green bonds and stays as a major player in global market, it is the top 10 issuers of the world (20bn USD - China, 15bn USD - France, 5bn USD - Luxembourg). There is also a significant growth of green lending in China. Green bonds are issued to the areas of: pollution, prevention and control 2.6bn USD, clean transportation 2.2bn USD, ecological protection 2.1bn USD, energy saving 2bn USD,resource conservation and recycling 1.7bn USD and clean energy 0.9bn USD.

China takes the lead of the green investment on renewable energy, it has 2.5 times more than EU. China became the world’s largest Green Bonds market in 2016. 250 Green investment funds were launched and 5 provincial Green Finance pilot program were launched in Xinjiang, Guizhou, Jiangxi, Zhejiang and Guangdong.

The green financial system is needed to mobilize the private green investment, it also requires corporation between the government and financial sectors: where is the policy, where is the business.

G20 GFSG (green finance study group)

China proposed to establish GFSG in 2015, 2developing Green Finance is included in G20 Summit. GFSG 2016 suggested 7 options to promote green finance:

1. provide policy to support green investment

2. promote the adoption of green finance principles

3. expand capacity building network

4. develop local currency green bond market

5. promote cross-border green bond investment

6. develop risk analysis capacity

7. improve measurement of green finance

GFSG 2017 added 2 more options and GFSG 2018 added 3 new topics

1. securitization of sustainable assets

2. development of sustainable PEs and VCs

3. application of fin-tech to sustainable finance

In conclusion , China is moving from Red to Green, and environment has taken priority ; Government policy, commercial and individual awareness are changing; There are lots of Green development opportunities in China to seize ; Green finance grows sustainability ; The companies need to find the right way to enter and stay in market.

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After Professor JI’s presentation, a panel discussion on “Green and Sustainable Finance: Luxembourg and China” was held. The general manager of ICBC Europe Mrs. Li LI noted that “Green bond is attractive investment to European investors”.

“Green is about transparency”, Jackie LIU explained how Luxembourg Stock Exchange provide a platform to promote Green Finance investment in Belt and Road countries.

Nicki Kayser, Partner from Linklaters mentioned standards for Green Finance projects including disclosure of how the proceeds is managed and evaluated, also regular reportings. noted how the International Capital Market Association (ICMA) has published Green Bonds Principles (GBP), which are "voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the green bond market by clarifying the approach for issuance of a green bond." The GPB are deemed to enable the evaluation of how credible a green bond is, and how the environmental impact develops over time. Furthermore, they should allow for transparency and disclosure, essentially amounting to: where does the money come from? How is it used?

Luxembourg banking sector is committed to Green Finance development.” Noted by Fabio Mandorino, Advisor - Sustainable Finance from ABBL. He emphasized the importance to clarify the rules of the game e.g. what are the green asset?

The Green Finance Seminar closed at 12h30, more than 100 participants attended the event.

Press:

 Journal.lu.: Du rouge au vert

Luxtimes: 'Green finance' on silk road to Luxembourg

Monday, 22 October 2018 13:19

CHINALUX 2018 Advisory Board Meeting

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Back row left to right: Yi Wang, GSK; Jeremy Albrecht, RBC; Guy Harles, Arendt & Medernach; Dirk Dewitte, Dewitte & Partners; Maxim Straus, CargoLux; Michel Molitor, Molitor;  Fei Chen, ICBC.

Front row left to right: Na Shi, Chamber of Commerce of the Grand Duchy of Luxembourg; Amanda Yeung, EY; Zhujun (King) Xie, BIL; Hui Gao, Intertrust; Zhujun (King) Xie, BIL;  Emily Le Vaillant, Molitor; Xiaolu Zhang, Bank of China.

 

The 2018 CHINALUX Advisory Board meeting took place on the 16th October 2018 at the Chamber of Commerce Luxembourg. 

We wish to thank all of the Board Members for a very productive meeting and discussions on the CHINALUX 2019 strategy and plan. Thank you also to our Executive Board leaders for attending the meeting and presenting the latest updates and planning.

We look forward to the start of 2019, and to implementing the suggestions and guidance of the CHINALUX Advisory Board.  

 

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