Guideline issued to boost banking integration in Yangtze River Delta

A guideline was officially promulgated on Thursday, aiming to boost banking integration and improve financial services in the Yangtze River Delta region.

Jointly issued by the Executive Committee of the Yangtze River Delta Integration Demonstration Zone and the financial management departments of Shanghai, Jiangsu and Zhejiang, the document was the first of its kind for the construction of inter-provincial banking financial institutions in China.

Under the guideline, special cross-regional management and coordination agencies will be established in the demonstration area to support banks to rebuild their business process.

And a unified financial service standard will be formulated to simplify the customer service process under the premise of controllable risks, and promote the cross-regional distribution of banking outlets and operation centers.

Additionally, a joint credit mechanism will be set up to seek cross-regional allocation of credit resources, explore the mutual recognition of corporate financing collaterals in the demonstration area, and guarantee the sharing of tax information of enterprises in the region.

To better prevent and control financial risks, a unified risk management center and early warning platform will be built, according to the authorities.