Delaware look­ing for China bank

China Daily (Canada) - - ACROSS AMERICAS - By PAUL WELITZKIN in New York paulwelitzkin@chi­nadai­lyusa.com

Delaware is home to nu­mer­ous in­cor­po­rated Chi­nese busi­nesses along with half the For­tune 500 com­pa­nies, and Gov­er­nor Jack Markell is look­ing to make it the base for a Chi­nese bank or fi­nan­cial ser­vices ti­tan.

“I be­lieve that when Chi­nese banks and other com­pa­nies look at the com­plete pic­ture — a sim­pli­fied in­cor­po­ra­tion process, a re­spon­sive bu­reau­cracy and le­gal sys­tem, they will see that Delaware is ideal for their business,” he said.

Markell made his com­ments on Mon­day at Ford­ham Univer­sity in a fo­rum spon­sored by the Chi­nese Business Lawyers As­so­ci­a­tion.

“Delaware’s ad­van­tages in­clude our ju­di­ciary, le­gal sys­tem and reg­u­la­tory ap­proach,” said Markell. He cited the state’s gen­eral cor­po­ra­tion law “… as one of the most ad­vanced and flex­i­ble cor­po­ra­tion statutes in the na­tion”.

Markell also praised the state’s courts and, in par­tic­u­lar, Delaware’s cor­po­ra­tions court, or Court of Chancery. “Our ju­di­ciary is fair and is will­ing to be­come an ac­tive par­tic­i­pant in re­solv­ing dis­putes,” he said.

Markell said the state’s reg­u­la­tory sys­tem is not bur­den­some. “Not all reg­u­la­tions are good and not all are bad,” he said.

Markell said that about 80 per­cent of the wealth that will be cre­ated in the world over the next few years will oc­cur out­side of the US — “mainly in China”.

“I am con­vinced that our kids will have to learn to do business in an­other lan­guage be­sides English from here on out,” he said. “That’s why we have es­tab­lished a lan­guage im­mer­sion pro­gram that now has 2,300 stu­dents.”

El­e­men­tary school stu­dents spend half their day re­ceiv­ing in­struc­tion in English and the other half in ei­ther Man­darin or Span­ish. Markell said the pro­gram will give Delaware stu­dents a com­pet­i­tive edge in a

We have over 1,000 Chi­nese stu­dents at the Univer­sity of Delaware. They can help spread the word.”

glob­al­iz­ing business world.

Last year, he signed an agree­ment with Wanx­i­ang Group, China’s largest auto-parts man­u­fac­turer and the owner of a on­ce­bustling Gen­eral Mo­tors plant near New­port, Delaware, for stu­dents to study at the com­pany’s fa­cil­ity in Hangzhou, East China’s Zhe­jiang prov­ince, where they take daily lan­guage classes, visit lo­cal schools, par­tic­i­pate in cul­tural ac­tiv­i­ties, and tour sites of sci­ence and tech­nol­ogy com­pa­nies.

Wanx­i­ang pro­vided a grant of about $450,000 for the study abroad ses­sions in 2015 and 2016, with up to 24 stu­dents and four teach­ers par­tic­i­pat­ing each year.

Markell noted that the state has hosted five trade del­e­ga­tions from China in the last year, and he said that the state’s largest col­lege can be an ef­fec­tive tool in re­cruit­ing Chi­nese busi­nesses. “We have over 1,000 Chi­nese stu­dents at the Univer­sity of Delaware. They can help spread the word,” he said.

Com­pa­nies in­cor­po­rat­ing in Delaware be­gan more than 100 years ago when then New Jer­sey gov­er­nor Woodrow Wil­son, who later be­came US pres­i­dent, op­posed the business-hold­ing com­pany struc­ture for his state. Delaware took ad­van­tage and hasn’t looked back since.

Markell said he is proud of the fi­nan­cial ser­vices sec­tor in his state’s econ­omy.

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