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The Chinese may have a reputation for «inscrutability» but this was not on show at the China seminar held on 17 September at the Luxembourg Chamber of Commerce. The workshop, which marked the end of a week-long visit by senior directors from 11 of the largest custody banks and asset managers in China, was a master class in transparency, with frequent outbursts of laughter and comments from the speakers on “how not to do it”. Foreign companies were left with a clear message: there are opportunities in China but don’t think you will get by with a sleek presentation: “If you are interested in doing business, you must know Chinese laws and regulations and figure out whether you can meet these standards. Then come to the table” noted one of the speakers. Where custody work is concerned “asset...
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