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Chinese banks boost financial integration along Belt and Road
By Ouyang Jie, Wu Chuqi from People’s Daily
By the end of 2016, nine Chinese-funded banks have set up 62 direct branches and representative offices in 26 countries along the “Belt and Road” routes, the State Council Information Office (SCIO) said at a press conference on Thursday.
It is part of the efforts made by China’s banking industry to facilitate financial integration and improve cross-border financial services along the routes since the initiative was proposed in 2013, according to the office.
The China Banking Association is planning to build a London office. An association to promote financial cooperation among Asian countries and regions will be established as well.
By the end of 2016, 54 commercial banks from 20 countries and regions along the Belt and Road had established 6 subsidiaries, one finance company, 20 branches and 40 representative offices in China, seeking cooperation opportunities that arise from the initiative.
Chinese-funded banks have worked out diversified polices and tools to guide reasonable growth in credit and improve the cross-border financing ability as well as comprehensive financial services.
Besides providing settlement, clearing and currency exchange services to boost cross-border trade, they have also offered financial consulting, mergers and acquisitions and equity financing services to facilitate cross-border investment.
The Chinese-funded banks have held cross-border investment fairs to invite medium and small companies in countries along the Belt and Road and helped them capture market share in China.
Incomplete statistics showed the Chinese research institutions and universities have established more than 300 research platforms on the “Belt and Road” initiative.
In 2016 alone, China sent 1,036 people for overseas studies of 42 uncommon languages, adding 9 new names to the country’s current foreign language list.
At the same time, 170,000 foreigners came to China for Chinese learning. A total of 460,000 people have learnt Chinese via Confucius Institutes and classes in host countries along the Belt and Road.
By the end of 2016, China had signed inter-governmental agreements to promote cultural exchanges with 60 countries along the route.
The financial cooperation along the Silk Road Economic Zone is getting better and better. In the picture, a bank staff is showing the Russian ruble in Xinjiang Changji Silk Road Qifeng e-commerce logistics park. Photo: Xinhua News Agency
It is part of the efforts made by China’s banking industry to facilitate financial integration and improve cross-border financial services along the routes since the initiative was proposed in 2013, according to the office.
The China Banking Association is planning to build a London office. An association to promote financial cooperation among Asian countries and regions will be established as well.
By the end of 2016, 54 commercial banks from 20 countries and regions along the Belt and Road had established 6 subsidiaries, one finance company, 20 branches and 40 representative offices in China, seeking cooperation opportunities that arise from the initiative.
Chinese-funded banks have worked out diversified polices and tools to guide reasonable growth in credit and improve the cross-border financing ability as well as comprehensive financial services.
Besides providing settlement, clearing and currency exchange services to boost cross-border trade, they have also offered financial consulting, mergers and acquisitions and equity financing services to facilitate cross-border investment.
The Chinese-funded banks have held cross-border investment fairs to invite medium and small companies in countries along the Belt and Road and helped them capture market share in China.
Incomplete statistics showed the Chinese research institutions and universities have established more than 300 research platforms on the “Belt and Road” initiative.
In 2016 alone, China sent 1,036 people for overseas studies of 42 uncommon languages, adding 9 new names to the country’s current foreign language list.
At the same time, 170,000 foreigners came to China for Chinese learning. A total of 460,000 people have learnt Chinese via Confucius Institutes and classes in host countries along the Belt and Road.
By the end of 2016, China had signed inter-governmental agreements to promote cultural exchanges with 60 countries along the route.
The financial cooperation along the Silk Road Economic Zone is getting better and better. In the picture, a bank staff is showing the Russian ruble in Xinjiang Changji Silk Road Qifeng e-commerce logistics park. Photo: Xinhua News Agency
