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PSBC actively supports China-ASEAN cross-border financial cooperation and development
PSBC actively supports China-ASEAN cross-border financial cooperation and development
| China Post News |2020-12-04

Recently, the 12th China-ASEAN Summit Forum on Financial Cooperation & Development with the theme of “Innovation in Cross-Border Finance, Opening up for Win-Win Cooperation”, was held in Nanning, south China’s Guangxi Zhuang Autonomous Region. Relevant leaders of the Postal Savings Bank of China (PSBC) attended the forum and made keynote speeches.

It is said that PSBC has proactively provided Guangxi Zhuang Autonomous Region with all-round financial support for its opening up, innovation in cross-border finance, transformation and upgrading of real economy as well as poverty alleviation. During the 13th Five-Year Plan period, PSBC has invested totally 160.4 billion yuan (about $24.4 billion) into major local projects and livelihood projects, key parks and industries of Guangxi, thus having greatly promoted the development of real economy in this area.

Centering on further promoting China-ASEAN cross-border financial cooperation and development, PSBC has put forward the following three proposals.

First, all parties should back each other up to promote China-ASEAN trade liberalization. PSBC will actively develop an ASEAN-oriented regional money center platform covering clearing, settlement and financing, and explore renminbi fund-providing, cross-border transfer of renminbi assets and other services oriented to ASEAN commercial banks, thereby offering innovative cross-border financial services for both domestic and foreign institutions. Going forward, PSBC will step up its efforts in innovating products and boosting China-ASEAN trade liberalization.

Second, all parties should embrace new forms of economy and construct development and service mechanisms for digital economy. PSBC will coordinate the markets and resources both at home and abroad, actively cooperate with financial institutions of ASEAN countries, increase capital investment in network infrastructure construction between China and ASEAN, and support the development of digital economy through strengthened support of credit-granting for the key players of digital economy.

Third, all parties should seize the opportunities for cooperation and opening up so as to promote high-quality connectivity. Currently, PSBC has cumulatively provided 56 billion yuan (about 8.57 billion US dollars) in total to support the transportation infrastructure projects such as cross-border expressway, port and railway networks between China and ASEAN, the development of port infrastructure as well as enterprises in bonded areas. Next, PSBC will scale up the support for China-ASEAN cross-border financial cooperation, place special emphasis on supporting the infrastructure development of the new western land-sea corridor and the China-ASEAN border areas, speed up promoting outbound investment, foreign contracted projects and other going global projects, and comprehensively drive the advancement of interconnectivity between China and ASEAN through strengthening integrated financial services of investment, loan and bond underwriting.

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