China's banks supporting the Belt and Road Initiative

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China has helped to provide a financial foundation for the Belt and Road Initiative by boosting connectivity and providing banking services in countries along the routes.

Pan Guangwei, the vice president of China Banking Association (CBA), outlined key areas in which the support and participation of China's banking institutions have supported the Belt and Road Initiative at a press conference held in Beijing on Thursday.‍

Pan Guangwei, vice president of China Banking Association, briefs the media on the participation of China's banking institutions in the Belt and Road Initiative on May 11 in Beijing. /State Council Information Office Photo

On enhancing the planning and guidance of banking sector

China's banking system has been working hard to perfect cross-border financing services and implement them on the basis of their strengths. Related planning and guidance documents on the implementation of the Belt and Road Initiative have also been set out.

A total of nine Chinese-funded banks had established 62 offices in 26 countries along the Belt and Road by the end of 2016. The CBA is preparing to establish a representative office in London and CBA-led Asian Financial Cooperation Association (AFCA) is to be set up soon.

Press conference on the support and participation of China's banking institutions in the Belt and Road Initiative on May 11 in Beijing. /State Council Information Office Photo‍

On supporting major projects

Chinese-funded banks have applied new credit policies and measures in a bid to regulate proper credit approval. A series of major projects have been completed or are underway, including highways, railways, ports, and telecommunications.

Contracts worth a total of 126 billion US dollars were signed between China and countries along the Belt and Road in 2016, and China's direct investment to those countries has reached 14.5 billion US dollars.

On involving ‍small and medium-sized enterprises

Chinese banks make full use of online technology, big data and information channeled from foreign branches to convene cross-border investment meetings.

In order to realize the connectivity of markets, technology, capital and talents, Chinese banks have helped small- and medium-sized enterprises along the Belt and Road who have mastered advanced technology to find new markets and space to grow.

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