A leading Chinese economist says the island should not be afraid of dealing with big name companies from her homeland such as Huawai.

Jinny Yan, managing director and chief China economist for ICBC Standard Bank, commented on the controversy surrounding Huawei.

Her visit came on the same day the UK papers were reporting that Gavin Williamson had been sacked as Britain’s Defence Secretary over ’compelling evidence’ he was responsible for leaking details from a National Security Council meeting that Britain had conditionally allowed China’s Huawei to develop the UK 5G network.

This could also have implications for the island as both Manx Telecom and Sure continue to plan for a 5G future.

Ms Yin said: ’Having grown up in China then educated and living in the UK for more than my time in China, I’m very accustomed to the fact that the western media like to obviously tell the real story and that’s great.

’But sometimes there are certain perspectives and perceptions about China that perhaps do not come across very well.

’So one of those things being the fact the rise of certain industries in China, particuarly these large technology companies like Huawei.

She believes western companies should co-exist with Chinese brands because ’competition creates innovation’.

In her interview with Business News she was full of praise for the island’s diversified economy and economic growth and feels sure there is a lot more that can be done in co-operation with China.

She talked about the big Chinese digital and technoogical names such as Huawei, Alibaba and Tensent.

She said: ’It is about how you embrace opportunities from China, rather than being scared.

’China is the second largest economy in the world.

’The US is the largest economy in the world. So if any US company came to the island and said: ’’We want to invest with you’’ then obviously that would be welcomed with open arms.

’Why should it be different (with China) because this is now the second largest economy in the world.’

She said she was hearing a lot more about the rule of law in the Isle of Man.

’The regulatory environment here in the Isle of Man is second to none here.

’That is already embedded in the economy here.’

She claimed the island ’should not be frightened of welcoming foreign investment and some foreign interest because clearly there is the infrastructure here (in the island) to deal with co-investments and joint ventures with Chinese names like Huawei.’

She added that competition creates innovation, because it forces these brands to innovate, to become better, become more competitive and cost-efficient and that’s good news for both economies.

’So rather than trying to limit the growth of these big names maybe we need to realise the potential where you allow these names to grow, obviously at a rate where it does not impact on national security, or impact on the local brands.’

She said the big Chinese brands such as Huawei, Alibaba and Tensent, were ’investing heavily into universities, education and the co-investment between British universities and US universities with these companies has really helped to drive the innovation of the digital economy.

’So let’s focus on those rather than the sort of negative press surrounding the rise and fear of the rising competition from China.’

Ms Yan, who is based in London but regularly visits China, says clearly one of the reasons for ’that fear’ is that perhaps in the past Chinese governments have not been so transparent.

But she also spoke about misconceptions and such things as language issues. She is an experienced economist considered to be a ’go-to’ expert on Chinese finance, and presented a lunch seminar for clients at Standard Bank’s headquarters in Douglas.

Ms Yan talked about the economic slowdown in China and the need for sustainable projects to support growth, during the investment seminar with island business people.

Delegates heard her perspectives on the Chinese economy, the shifting patterns of the global supply chain and an insight into the ’21st century silk road’ stretching from south-east Asia to Eastern Europe and Africa.

Appointed chief China economist by the bank in 2016 and managing director last year, Ms Yin has played an integral role in launching a comprehensive data programme for Standard Bank.