Officials from Guernsey and the Beijing Municipal Bureau of Financial Work have signed an agreement that aims to boost trade between the two jurisdictions.

The accord, signed in Beijing with the city’s vice counsel for the financial work bureau, is a basis for sharing in the “mutual benefits of a partnership,” said Kevin Stewart, Guernsey’s commerce and employment minister.

The agreement is expected to deepen ties between Guernsey and Beijing businessmen, particularly in the field of finance. Beijing is still a relatively traditional finance center, with 80% of all assets owned by banks, said Beijing’s vice counsel Shen Hong of the financial work bureau. Beijing aims to learn about Guernsey’s financial industry, its banks, investment funds, captive insurance and wealth management sector, he said

Fiona Le Poidevin, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, and Mark Bright, chairman of the Association of Guernsey Banks were part of the delegation that met Beijing officials on Thursday. Officials from Guernsey also met with counterparts in Hong Kong and Shanghai during their two-week regional visit.