Panel discussion on Belt and Road financial cooperation and digital economy development at the Financial Street Forum 2024 Annual Meeting held in Beijing on October 19, 2024. Photo: Yin Yeping/GT
China’s proposed Belt and Road Initiative (BRI) is at a healthy stage in the development of financial cooperation and has ample potential for improvement and expansion, officials say at a three-day Beijing conference starting in March 2024. This was stated at the Financial Street Forum 2024 Annual Meeting. From Friday to Sunday.
Zhou Liang, vice minister of the State Financial Supervisory Administration, said at a panel discussion on One Belt, One Road financial cooperation that the Belt and Road financial cooperation is in a healthy development stage.
Zhou said that industrial chains and supply chains are constantly being optimized and upgraded to suit participating countries, and this is inseparable from financial support. This will also raise higher demands on the quality and efficiency of future financial cooperation.
As international cooperation in production capacity deepens under the Belt and Road, the National Development and Reform Commission has encouraged financial institutions to implement supply chain finance, syndicated loans, cross-border mergers and acquisitions to ensure stability and smoothness. We encourage the development of cross-border business. Mr. Zhou spoke about industrial chain and supply chain operations.
Zhou also said that China encourages domestic financial institutions to optimize their presence in countries participating in the Belt and Road joint construction and strengthen financial services there.
As of the end of 2023, under the Belt and Road Initiative, China has signed more than 200 cooperation documents with more than 150 countries and more than 30 international organizations. According to a report by Xinhua News Agency, the trade volume between China and other participating countries has recorded a significant increase over the years. Financial cooperation played an important role in this expansion.
Zhang Ming, Deputy Director of the Regional Opening Department of the National Development and Reform Commission, spoke at the forum, saying that financial ties are essential for joint construction of the Belt and Road, and a solid foundation for stable and long-term construction. He said that. development.
Zhang said that China has been actively engaged in various forms of financial cooperation with participating countries.
Looking forward, Mr. Zhang said that the government will ensure that the government implements a series of measures for the quality construction of the Belt and Road Initiative in good detail, and that important measures such as a 700 billion yuan financing line and an additional 8 billion yuan loan line are being implemented. It said it would ensure effective execution of the mission. 1 billion yuan to the Silk Road Fund.
