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Xinhua Silk Road: Guilin Bank steps up efforts to support China-ASEAN cross-border financial cooperation

BEIJING, Sept. 20, 2023 /PRNewswire/ — Guilin Bank, a local bank situated in south China’s Guangxi Zhuang Autonomous Region, has been actively taking a slew of measures to push forward […]

BEIJING, Sept. 20, 2023 /PRNewswire/ — Guilin Bank, a local bank situated in south China’s Guangxi Zhuang Autonomous Region, has been actively taking a slew of measures to push forward China-ASEAN cross-border financial cooperation, as part of its efforts to help Guangxi build into the new highland for China’s trade and cooperation with ASEAN.

Staff members of Guilin Bank carry out a field research on Fangchenggang port in south China’s Guangxi Zhuang Autonomous Region.

It is learned that Guilin Bank has been dedicated to improving its top-level design, strengthening the “strategic leadership”, and taking the initiative to integrate into the region’s new development pattern.

In recent year, the bank has carried out forward-looking analysis and research on China-ASEAN industrial cooperation, and formed a distinctive organizational structure that matches the development of ASEAN business.

Data showed that in the past three years, the bank had granted over 105.1 billion yuan worth of credits to key projects under the Belt and Road Initiative (BRI), with an average annual cross-border income and expenditure volume of more than 5 billion U.S. dollars.

Among them, the cross-border settlement volume with ASEAN and the Regional Comprehensive Economic Partnership (RCEP) members accounted for more than 40 percent of the bank’s total cross-border income and expenditure.

Wu Dong, chairman of Guilin Bank, introduced that with a key focus on channel upgrading, product innovation, cooperative development, the bank has taken solid steps to accelerate investment and financing facilitation, promote the transformation of characteristic industries  and strengthen international business cooperation amid its broader efforts to better serve China-ASEAN industrial cooperation.

This year marks the 10th anniversary of the proposal of building a closer China-ASEAN community with a shared future and the Belt and Road Initiative, and the 20th anniversary of the China-ASEAN Expo and China-ASEAN Business and Investment Summit. 

Opening-up has become an important “source of power” for Guangxi’s economic and social development, the lender will further beef up its efforts to provide financial support for Guangxi to set up a new development pattern.

Wu also noted that that in the future, Guilin Bank will further provide financial assistance for China-ASEAN cooperation centered on such areas as industrial cooperation, cross-border trade, cross-border investment and financing, and the cross-border use of renminbi (RMB).

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