The decision this week by the UK Chancellor to relax visas for Chinese visitors to Great Britain is welcome news for Jersey. These changes will make Jersey more appealing to Chinese businesses for inward investment and for tourists alike in making Jersey a more accessible destination.
The UK is currently the number one destination for Chinese investment in Europe, attracting nearly £2 billion in the last year alone. However, Britain is thought to be losing £1.2bn a year in lost revenues as Chinese visitors are put off by the current rules. According to the World Tourism Organization, 149,000 Chinese tourists visit the UK each year compared to 1.1m who travel to France which is part of the Schengen Area.
This news is very timely, given that we will be welcoming a senior delegation from Hangzhou to Jersey next week and re-enforces our economic strategy in forming business links and Government relationships with China.