Home Business Zhou Liang, Vice Chairman of the China Banking and Insurance Regulatory Commission, expressed at the 2021 China-Singapore (Chongqing) Strategic Interconnection Demonstration Project Financial Summit to study railway document financial service measures to support the development of land-based cross-border trade

Zhou Liang, Vice Chairman of the China Banking and Insurance Regulatory Commission, expressed at the 2021 China-Singapore (Chongqing) Strategic Interconnection Demonstration Project Financial Summit to study railway document financial service measures to support the development of land-based cross-border trade

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Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission, revealed at the 2021 China-Singapore (Chongqing) Strategic Connectivity Demonstration Project Financial Summit that he is exploring and studying policies and measures related to railway document financial services to support the development of land-based cross-border trade.

Zhou Liang said that the China Banking and Insurance Regulatory Commission earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, guided bancassurance institutions to provide high-quality financial services for China-Singapore interconnection projects, and achieved positive results. First, financial innovation continues to increase. In western China, a variety of financial business innovations such as cross-border bond issuance, international commercial loans, real estate investment trusts and railway bill of lading letters of credit have been launched. The second is the continuous expansion of the radiation range. Relying on the channel and cost advantages of interconnection projects, bancassurance institutions, while serving Chongqing, have extended their service radius to enterprises in Sichuan, Shaanxi, Qinghai, Guizhou and other places. The third is the continuous optimization of synergy. Cooperate with domestic and foreign financial institutions to provide integrated services such as account opening, issuance of certificates, settlement, rating, consulting, and financing for various enterprises and their domestic and foreign shareholders. DBS Bank, Bank of China and other institutions have issued “Cross-border REITS+ Syndicated Loan” products in Singapore, which is evaluated by SGX as a classic case in Asia.

Zhou Liang said that the China Banking and Insurance Regulatory Commission will earnestly implement the decisions and deployments of the Party Central Committee and the State Council, continue to strengthen financial cooperation between China and ASEAN, and work together to open up a new situation of mutual benefit and win-win results.

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The first is to promote high-quality development and achieve new breakthroughs. Strengthen China-Singapore cooperation in the field of green finance, support the implementation of green bonds, green loans, and cross-border transfers of green assets, and better play the important role of green finance in improving the regional ecological environment and leading sustainable development. Adhere to integrity and innovation, encourage financial institutions on both sides to conduct standardized cooperation in the fields of mobile payment, online credit, and robo-advisory, improve data governance, improve service efficiency, and broaden the scope of services.

The second is to help make new progress in trade facilitation. Through the development of supply chain finance and export credit insurance, promote the safe and smooth operation of the industrial chain and supply chain, and promote the liberalization and facilitation of international trade and investment. “We are exploring and studying the relevant policies and measures of railway document financial services to support the development of land cross-border trade.” Zhou Liang said.

The third is to promote new development in the two-way opening up of finance. Actively promote the implementation of the RCEP agreement in the financial field, deepen the “Belt and Road” financial cooperation, and strengthen domestic and overseas linkages. Foreign institutions with expertise in pension management, consumer finance, wealth management, and health insurance are welcome to enter China. Support Chinese-funded financial institutions to follow the principle of extensive consultation, joint contribution and shared benefits, and actively and steadily “go global”.

The fourth is to promote regional financial security to obtain new results. The China Banking and Insurance Regulatory Commission will actively participate in the formulation of international financial rules and promote mutual recognition of domestic and foreign regulatory rules and standards. Strengthen cooperation with the financial regulatory authorities of ASEAN countries by signing memoranda of understanding and conducting regulatory dialogues, and strengthen regulatory coordination in the fields of cross-border capital flow, anti-money laundering, anti-terrorist financing, anti-financial fraud, environmental and social risks, and jointly build financial security barrier.

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