China ASEAN Deepening Financial Cooperation to Serve the High Quality Development of the "the Belt and Road"

Release time:Apr 16, 2024 21:46 PM

China News Network, Nanning, September 18 The 15th China ASEAN Financial Cooperation and Development Leaders' Forum was held in Nanning, Guangxi, on the 18th, and more than 300 government, finance and enterprise participants discussed the theme of "financial services, high-quality development of the the Belt and Road".

Zheng Wei, Deputy Director of the State Administration of Foreign Exchange of China, said that the People's Bank of China and the State Administration of Foreign Exchange will continue to deepen exchanges and cooperation with ASEAN countries, strengthen financial policy innovation and supply, provide more powerful financial support for the joint construction of the "the Belt and Road" high-quality development, deepen the reform of foreign exchange business facilitation, promote trade facilitation of high-quality enterprises, cross-border financing facilitation and other policy measures, and support the development of new trade formats. At the same time, we will promote innovation in cross-border financial products and services, and guide more financial resources to invest in key projects of the "the Belt and Road", new land and sea channels in the west, cross-border industrial park construction, and supply chain cooperation.

At the meeting, the main heads of financial institutions from Laos, Myanmar, Cambodia, Thailand and other countries exchanged and shared on the measures and achievements of the "the Belt and Road" series of financial services, and offered suggestions on promoting the breakthrough of cross-border financial cooperation "obstruction" issues.

This forum has achieved a series of fruitful results. Guangxi officially announced the establishment of the Logistics Finance Alliance for ASEAN. The alliance will build a "one ring, four ring" development model centered on the logistics and finance alliance, driving commodity circulation, production circulation, financial circulation, and information circulation. Starting from Guangxi, it will focus on optimizing the financial services of logistics enterprises, trade enterprises, and supply chain enterprises along the western land sea new channel, and further promote the development of the western land sea new channel into a transportation channel, logistics channel, trade channel, industrial channel, and financial channel, promoting deep cooperation in China ASEAN economic and trade finance.

In addition, the cross-border financial service platform Beibu Gulf Port Aviation Financing Scenario has been officially launched, the China ASEAN Nonferrous Metals Basis Trade Zone has been officially launched, and the Guangxi Service Base of the Beijing Stock Exchange National Equities Transfer System has been officially unveiled.

This forum has also reached a number of important cooperation agreements. Among them, the People's Government of Guangxi Zhuang Autonomous Region has signed strategic cooperation agreements with Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Guangzhou Futures Exchange, Hong Kong Exchange and Clearing Co., Ltd., and China Cinda Asset Management Co., Ltd. to jointly promote the implementation of the national strategic deployment of "Building a Financial Open Portal for ASEAN in Guangxi", and establish and deepen the strategic cooperation mechanism between the two sides.

The forum focuses on the theme of "Financial Support for the Construction of China ASEAN Industrial Cooperation Area" and promotes business cooperation in multiple physical projects. Financial institutions have signed 11 cooperation agreements with enterprises in the China ASEAN Industrial Cooperation Zone, with a signed amount of 345 billion yuan, supporting projects covering multiple fields such as equipment manufacturing, home manufacturing, new energy, new materials, new infrastructure, transportation infrastructure, non-ferrous metals, and ecological restoration and governance.

Six cooperation agreements have been signed between financial institutions or enterprises from five countries, including Thailand, Malaysia, Laos, Myanmar, and Vietnam, in Guangxi. The contracted amount for overseas project financing is approximately 23.2 billion yuan, mainly supporting Laos power infrastructure projects and Malaysian steel companies. Multiple Chinese financial institutions have established business cooperation relationships with financial institutions from ASEAN countries, reaching consensus on cooperation in cross-border settlement, financing, financial market business, anti money laundering, product innovation, and customer and market information sharing.

Guangxi is the only province in China adjacent to ASEAN countries by land and sea, and is the forefront and window of China's open cooperation with ASEAN. In December 2018, the Chinese government made it clear that Guangxi would build a financial openness portal towards ASEAN, with a focus on promoting the cross regional use of the RMB towards ASEAN, implementing major tasks such as cross-border financial innovation towards ASEAN, and pioneering the exploration of new models of financial openness and cooperation between China and ASEAN. At present, 210 reform pilot tasks such as cross-border finance have been comprehensively promoted, and the total import and export volume of border trade has ranked first among Chinese provinces for 8 consecutive years. Guangxi's total cross-border RMB settlement amount is 1.9 trillion yuan, and it has maintained the first place in China's borders and western provinces for many consecutive years, effectively serving the opening up and cooperation between China and ASEAN.

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