AIFC delegation visits China
The delegation participated in Learning Lessons as Retrospect and Prospect annual conference organized by Hungzhu Financial Education Fund, Shanghai Institute of Finance and Law and Bretton Woods Committee in Shanghai.
The delegation met with Deputy Chairman of the Chinese People's Political Consultative Conference – Chairman of the Research Centre for Silk Road Development Planning Chen Yuan. The Research Center was established as part of implementation of One Belt, One Road initiative. The representatives of the financial organizations of China, such as China Development Bank, the Association for Financial Development of China and Silk Road Foundation, attended the talks.
The sides discussed the issues regarding licensing, regulation and formation of a regulatory-legal framework of financial centres, as well as the ways of interaction and attraction of banking institutions of China for their operation in the AIFC territory.
Besides, Chief of the AIFC Kairat Kelimbetov met with President of Jumore company Lu Hongxiang for discussing the ways of development of financial technologies and financial tools as well as effective cooperation in establishment of a platform for promoting interaction between financial institutions of the two countries.
Following the talks, the sides signed a Memorandum of Cooperation to exchange experience and information in development of financial technologies market.
As part of participation in Learning Lessons as Retrospect and Prospect annual conference in China, Chief of Astana International Financial Centre Kairat Kelimbetov participated in the main panel session.
The session focused on development of China’s economy, the conflicts between long-term reforms and short-term programmes of development, the importance of additional boost of Chinese economy and its impact on other countries’ economies as well as the existing economic barriers and reforms.
During the visit to China, Kairat Kelimbetov met with President of the Shanghai Stock Exchange Huang Hongyuan to continue the dialogue between the AIFC and SSE. The sides are working together on establishment of the AIFC Stock Exchange which will contribute to the development of the region’s capital market and strengthening strategic partnership of Kazakhstan and China.
The AIFC delegation visited also Hangzhou e-Commerce Industrial Park and familiarized with the activity of the companies operating in its territory, namely Hangzhou Silver Box Baocheng Science and Technology, Ltd., BaozunInc, Ningbo Qi Feng Communications, Hangzhou Weiba Information and Technology Co., Ltd. etc
The agreements reached between the AIFC and Hangzhou e-Commerce Industrial Park were mentioned in an appropriate Memorandum of Cooperation.
Recall that in December 2015, Head of State Nursultan Nazarbayev signed a Constitutional Law on Establishment of the Astana International Financial Center (AIFC). The aim of the AIFC is to form a leading centre of world-class financial services. English Law principles will be introduced for the first time in the post-Soviet space and English will be the official language of the AIFC.
The AIFC’s objectives are to assist in attraction of investments in the country’s economy by creating an attractive environment for investing in financial services, development of securities market of the Republic of Kazakhstan, ensuring its integration with the international capital markets. The AIFC plans also to develop insurance and banking services and Islamic financing market.
