Bush courts Chinese cash via state run firm

| 03/06/2010

(CNS): The Cayman Islands premier has said he is interested in doing business with China following a visit by a delegation of businessmen from one of the country’s largest state-owned financial and industrial conglomerates. McKeeva Bush met with the Chinese delegation last week and told them he wanted to strengthen existing relationships with their country as he saw China as a valuable business partner for Cayman and would welcome the opportunity to build on that relationship. Bush said Chinese companies represented the future and possible inward investment. (Photo Shuangning Tang with McKeeva Bush)

According to a release from the premier’s press secretary, the team from China’s Everbright Group came to explore that possibility. The delegates came to look at the role Cayman plays in international financial markets and to look at appropriate ways for Chinese financial institutions to develop international business through the Cayman Islands. As well as Bush, the delegates also met senior representatives of the Cayman Islands Monetary Authority, who briefed the Chinese team on the regulatory landscape for the financial industry as a whole and the sectors that CIMA regulates.
“The China Everbright Group’s interest in doing business in the Cayman Islands is very encouraging,” the premier said. “This is the kind of company that we want to invest in the Cayman Islands. Chinese companies represent the future and it is inward invest by companies such as this that will help turn our economy around. We look forward to the many possibilities that China’s strong economy can bring to the Cayman Islands through our partnership.”
The China Everbright Group began in 1983 as a trading business and has since diversified to include banking, securities, insurance, and investment management. Other businesses include hotel and property, tourism and environmental protection. Its subsidiaries are operational in Mainland China and Hong Kong.
The group’s four-man delegation was led by the Chairman of the China Everbright (Group) Co. Ltd Shuangning Tang. “The Group, as with many Chinese financial institutions, is considering expanding overseas and we hope to explore business opportunities through the Cayman Islands in the future,” he said.
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Comments (22)

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  1. Balanced View says:

    Most of these comments are abhorrent. As commentators you complain when the Premier travels, complain when he stays at home and welcome potential investors to the island. This is really unbelievable.

    • Anonymous says:

      Have to agree. Evidently you lot don’t like the premier (to put it mildly!), but this constant condemnation of every effort he makes to drum up new business for the country is almost, er, pathalogical in nature. OK, you loathe the guy ; but please retain some degree of objectivity here. Sorry if anyone’s offended by my observation (as I see it). By the way, it is actually possible to not condemn the premier and not be a UDP supporter. A novel notion for many, I realize, but true nevertheless.

       
  2. Sick and Tired of the B...S... says:

    Here we go with another "smoke and mirrors" act to make it look as though he is a real mover and shaker. Words are cheap. When the Chinese have signed up irrevocably to actual investment in Cayman – then put up the headline.

    Meanwhile, beware! The Chinese have been a very sophisticated trading nation for several thousand years, and their deals invariably require something in return which is to their benefit. In recent years look at the huge amount of capital aid they have provided around the World, particularly in Africa. In exchange for – exclusive access to mineral resources.

  3. Right Said Fred says:

    Mac is chasing big ticket investors and he is ignoring the best source of job creation – small business set up by people who live on island with capital to invest.  But the red tape and the 60% rule keep Caymanians unemployed.  I have just invested a few hundred thousand dollars in a friend’s business abroad which I would rather have used setting up a business here, but I looked at the rules and regulations and it made no sense.

  4. John Evans says:

    Many very large Chinese companies (particularly thiose suppling goods to the USA) are already using the Cayman Islands as their business addresses to avoid taxes and attract government subsidies.

    How it works is fairly simple – their money flows through Grand Cayman with a only a relatively small portion of the income being ‘re-invested’ in China to cash in on tax breaks over there.

    When I researched a story on this back in 2007 the Chinese government was getting very concerned at the amount of revenue being lost through this process.

    I wonder if it’s signicant that the delegates came from a ‘state-owned’ organisation and whether there’s a hidden agenda here.

     

    • Twyla Vargas says:

      Well we have had many pass this way using Cayman for a stepping stone, for lots of things.  But in truth and fact, knowing the Premier, I really do not think he wll allow this to happen without Cayman getting a slice of the pie.   After all why not.

      I see the picture this way.  If you need to drive to your property through my back yard then we need to agree or you need to buy /lease the road. 

      So I guess if the Chinese is using our back yard to run business in  USA then I hope they are buy/leasing legit.    The Premier would look out for Cayman Interest too, I feel sure of that, and I am not being bias, so dont bother with it.

  5. Anonymous says:

    Might North Korea be a good trading partner?

  6. Anonymous says:

    It is obvious that those of you are not unemployed because if they were you would not be crying down every effort the Premier is trying to bring business to the Cayman Islands.

    Anyway, Premier keeping trying my son, Christ could not satisfy the nation so you won’t either…..but not all are ungrateful there are some who appreciate efforts.    

     

    • Anonymous says:

      Bush should come home and clean up his back yard before he invites others home for tea.  When will it dawn on him that no one is going to invest in Cayman with the country in such a troubled social and economical state. Come home and do something about the rediculous immigration and fiscal policies that are trashing Cayman’s economy, Mr. Bush.  Try to make just one or two decisions that will bring a little confidence back into the local economy, then the "big boys" might think about investing here. 

      • Twyla Vargas says:

        That is the reason your MLA,s  was voted in to office.  They need to get up and do some work while the Premier is away.  So when he comes back there is something to show.   The Premier is only one man, so where is the crew.  I know for sure Ezzard and Arden is a one man band, they running things in North Side and East End.

  7. Pink elephant says:

    The Premier is courting business from a country with a communist political party in power.  A country whose human rights record is atrocious and has been widely and publicly criticised as recently as the Olympics.  I understand the need to generate income and revenue for our country but by partnering with such countries you are in essence condoning their illegal, unethical and immoral practices.

    Criticise the EU as much as you like but a poor human rights record is enough to prevent a country from obtaining membership.  All business isnt good business Mr. Premier, you’re making some dangerous allies.

    • Anonymous says:

      So how come its o.k for the US and the rest of the world to do business with China ( remember all the made in china labels on everything you buy) but not Cayman

      • Anonymous says:

        Perhaps there is a moral role to be played here on Cayman’s part? Don’t associate with documented torturers and human rights abusers.

    • Anonymous says:

      Torture continues to be an instrument of control and repression in China. Check out Amnesty International for some truly shocking accounts of "modern-day" China. It’s uncomfortable – because we’re decent – but necessary to enable us to put things into perspective. We’ve got to bear in mind this is a vicioustotalitarian regime despite all the smiles and handshakes. Personally I always recall the comment from a Chinese news agency following the deaths of many persons in China after an industrial accident. The agency lamented the loss of so much "human resources" – a chilling reminder of how we differ in our values.

  8. Baldric says:

    Maybe he’s getting them to build him a bigger wall …

  9. Anonymous says:

    Way-to-go Mac!  Don’t you let certain members of the press discourage you and your team. You are making a difference and soon we will even have medical tourism because of your efforts. Then when you have accomplish much –

    What will your accusers say?

    • Anonymous says:

      The accusers would say that with all the specialized and superior medical infrastructure in the USA, I doubt people will come to Cayman for a heart transplant or other high risk, evasive procedures. Maybe cosmetic or dental surgery as they are often elective and not covered by insurance.

      Good luck with that medical tourism.

      Seriously though — how about marine biology? That’d be well within reach of Cayman, especially since the discovery of those deep water vents in the "Trench".

  10. Anonymous says:

    mac + udp made business too expensive

  11. Anonymous says:

    Prolly a next trip… to China. Watch this space!

  12. Anonymous says:

    My Question to Mr. Bush is what are you getting out of this ???????

    • Twyla Vargas says:

      Lets give the tree a chance to bear fruits before we start think about choping it down.