Banks to increase support for Yangshan zone

SHINE

The Shanghai Banking Association is calling for banks to support the development of Yangshan Special Comprehensive Bonded Zone by offering better and innovative financial services and products.

The call was made by Xu Bin, the association’s president and also president of Bank of Communications’ Shanghai branch at an acceptance ceremony for zone (Phase II)’s customs clearance.

The proposal encourages member banks to help the zone take the lead in achieving breakthroughs in key areas, and build a best practice area with global demonstration significance for the integration of liberalization and facilitation of international investment and trade services.

Specifically, banks are being encouraged to increase credit support for key enterprises and projects in the region, innovate financial products and service models and implement differentiated credit policies in the zone.

The initiative also calls for more convenient financial services such as cross-border settlement and financing for qualified high-quality enterprises in the area, and the building of a higher-level financial service system for trade liberalization and facilitation with the support of big data platforms.

By benchmarking international practices and rules, banks should improve the level of their innovative financial services, build integrated services in the field of bulk commodities and boost the internationalization of yuan.

More efforts should be made to promote the digital, intelligent and ecological transformation of banks with financial technology, according to the proposal.

The Yangshan zone, China's current exclusive special comprehensive bonded zone, was launched in May last year.