Search results for: COSCO

Authors: Alexandra Doga, Andreas Lioumpas, Sotiris Petropoulos

Abstract:

This paper assesses China-Greece relations since 2006, examining them as part of China’s Grand Strategy and Greece’s perception of them. Τhe first aim of the paper is to provide an overview of China-Greece relations in connection with its long- and short-term goals. In essence, it focuses on understanding whether a Chinese grand strategy towards Greece exists. Secondly, it aims to examine the perception of Greeks over China’s foreign policy towards Greece. The intended contribution of the paper is to illustrate the response of national discourses over China’s increased presence in both the global sphere and specific countries in particular. This paper is based on qualitative analysis of secondary data as well as a thorough primary research scheme based on semi-structured interviews. The study made use of official Chinese government documents as well as academic journal articles and books. Local news outlets like newspapers provide data, and news surrounding Greece’s perception of China-Greece relations were also included. Moreover, a number of interviews of Greek officials, academics, journalists, and businessmen were conducted. This paper concluded that the period that began with the 2006 Joint Communiqué between China and Greece on the Establishment of Comprehensive Strategic Partnership has been one of the rapid strengthening of bilateral economic and political relations and frequent high-level visits. There are diverging/opposing views on whether China’s strategic choices towards Greece form part of a broader strategic approach and on whether this strategy is closely connected to the BRI initiative and its priorities.

Keywords: China, Greece, Grand Strategy, BRI, COSCO, Piraeus Port, Mediterranean

Procedia PDF Downloads 81

Authors: Jin Sheng

Abstract:

This paper addresses a promising area of insurance sector to develop in Asia. Captive insurance, which provides risk-mitigation services for its parent company, has great potentials to develop in energy, infrastructure, agriculture, logistics, catastrophe, and alternative risk transfer (ART), and will greatly affect the framework of insurance industry. However, the Asian captive insurance market only takes a small proportion in the global market. The recent supply chain interruption case of Hanjin Shipping indicates the significance of risk management for an Asian company’s sustainability and resilience. China has substantial needs and great potentials to develop captive insurance, on account of the currency volatility, enterprises’ credit risks, and legal and operational risks of the Belt and Road initiative. Up to date, Mainland Chinese enterprises only have four offshore captives incorporated by CNOOC, Sinopec, Lenovo and CGN Power), three onshore captive insurance companies incorporated by CNPC, China Railway, and COSCO, as well as one industrial captive insurance organization - China Ship-owners Mutual Assurance Association. Its captive market grows slowly with one or two captive insurers licensed yearly after September 2011. As an international financial center, Hong Kong has comparative advantages in taxation, professionals, market access and well-established financial infrastructure to develop a functional captive insurance market. For example, Hong Kong’s income tax for an insurance company is 16.5%; while China's income tax for an insurance company is 25% plus business tax of 5%. Furthermore, restrictions on market entry and operations of China’s onshore captives make establishing offshore captives in international or regional captive insurance centers such as Singapore, Hong Kong, and other overseas jurisdictions to become attractive options. Thus, there are abundant business opportunities in this area. Using methodology of comparative studies and case analysis, this paper discusses the incorporation, regulatory issues, taxation and prospect of captive insurance market in Hong Kong, China and Singapore. Hong Kong and Singapore are both international financial centers with prominent advantages in tax concessions, technology, implementation, professional services, and well-functioning legal system. Singapore, as the domicile of 71 active captives, has been the largest captive insurance hub in Asia, as well as an established reinsurance hub. Hong Kong is an emerging captive insurance hub with 5 to 10 newly licensed captives each year, according to the Hong Kong Financial Services Development Council. It is predicted that Hong Kong will become a domicile for 50 captive insurers by 2025. This paper also compares the formation of a captive in Singapore with other jurisdictions such as Bermuda and Vermont.

Keywords: Alternative Risk Transfer (ART), captive insurance company, offshore captives, risk management, reinsurance, self-insurance fund

Procedia PDF Downloads 196