Promoting high-level opening up to the outside world and implementing the free trade zone upgrading strategy
——Branch of the Bank of Chongqing Pilot Free Trade Zone is about to open
Ji Yixuan, media reporter for China's strategic emerging industries
In order to boost the construction of the Chengdu-Chongqing economic circle, speed up the construction of the western financial center and the western road-sea new channel, and accurately meet the financial service needs of the Chongqing Free Trade Pilot Zone, on January 11, 2023, the Minsheng Road Sub-branch of the Bank of Chongqing was approved to be upgraded to Bank of Chongqing Free Trade Zone Branch will become the first city commercial bank to set up a free trade zone branch in Chongqing.
Bank of Chongqing Headquarters Building
As a state-owned financial enterprise, Bank of Chongqing proactively aligns with national macro policies, actively fulfills its political and social responsibilities, and deeply cultivates the Yuzhong area. Financial power helps Chongqing to develop high-quality.
Fulfill the original mission and jointly promote the comprehensive development of the strategic business of the Free Trade Zone
Since the establishment of the Chongqing Free Trade Zone, the Chongqing Municipal Government has established a leading group for the work of the Pilot Free Trade Zone headed by the mayor, and formulated the "Overall Plan for the China (Chongqing) Pilot Free Trade Zone", which clearly aims to "deepen the openness and innovation of the financial sector" . "As an important task to promote the construction and development of the free trade zone, the "14th Five-Year Plan" for the China (Chongqing) Pilot Free Trade Zone was issued, clearly supporting the headquarters of financial institutions to set up exclusive branches in the free trade zone, and will use the Jiangbeizui, Jiefangbei, Changjiahui, etc. are the main positions to build a financial technology innovation demonstration zone.
Supporting the construction of the financial system in the free trade zone and promoting the comprehensive development of the strategic business in the free trade zone is a powerful practice of the Bank of Chongqing to fulfill its responsibility of serving the "big country" of state-owned banks. Chongqing Bank Free Trade Zone Branch seizes the times and trends, and will focus on integrating the free trade zone into China-Singapore interconnection, serving the joint construction of the "Belt and Road", serving the new road-sea channel in the west, and serving the development of the Yangtze River Economic Belt. With the support of the mother city, we will focus on building a more distinctive free trade zone bank, continuously expand the breadth and depth of business cooperation, actively explore financial opening and innovation, comprehensively improve the value creation ability, and strive to promote the financial service business in the free trade zone to new heights steps.
Focus on the main business and better serve the real economy
As the first city commercial bank to set up a branch in the Free Trade Zone in Chongqing, Bank of Chongqing will insist on serving the real economy as the essential requirement of development, adhere to the market positioning of "serving the local economy, serving small and micro enterprises, and serving urban and rural residents", and focus on the national and local development strategies and supply-side structural reforms and other key areas and weak links, looking for new development opportunities, and constantly consolidating and enhancing development advantages. At the same time, actively fulfill social responsibilities, enhance the expansion of inclusive financial business, further improve the financial services for small and micro enterprises, agriculture, rural areas and other groups, and strengthen the responsibility based on the main responsibility and main business.
"Yuzhong District is the birthplace of Bank of Chongqing. Various operating institutions in Yuzhong District have been engaged in various trade finance businesses and served various trade finance customers for a long time. The Yuzhong Trade Finance Branch has successively served such as Inventec, Shangshe, Zhonglin, etc. The local and foreign currency cross-border business of a group of large enterprises inside and outside the zone has a relatively in-depth understanding and practice of the settlement, financing, supporting financial services and other needs of such enterprises and the related facilitation policies of the free trade zone, and has the ability to serve Enterprises in the free trade zone provide comprehensive and flexible financial service experience, and effectively obtain the policy dividends brought about by the reform of the free trade zone system.” The relevant person in charge of Bank of Chongqing introduced, “On the other hand, the branch in the free trade zone has currently established a trade finance system. Business compliance risk control system, operation liquidation system, product service system, and will effectively combine policies and practices through head office and branch linkage, domestic and overseas business integration, and continuously promote policy research, product innovation, and system development related to free trade zone business It can better meet the needs of customers for professional operations such as domestic and foreign currency settlement, cross-border investment and financing, and derivatives transactions.”
Do a good job of "hub" articles to create a new development pattern of "dual cycles"
Financial activity, economical activity. The Chongqing Free Trade Zone is an inland international logistics hub with multimodal transport as the core bearing area. With the joint development of the New Land-Sea Corridor, the Belt and Road Initiative, and the Yangtze River Economic Belt, Chongqing will not only build infrastructure along the route, but will also A large amount of financial demand is generated in terms of industrial development, logistics trade and cross-border settlement. Chongqing Bank Free Trade Zone Branch will give full play to the advantages of local banks and actively explore the innovation of supply chain financial products. Relying on the innovative financing system of the free trade zone, further promote the development of railway bill of lading (transportation) financing business and the railway transportation document financing system, and further explore the financing mode of pledge of movable assets such as warehouse receipts.
In addition, the Free Trade Zone Branch will deepen cooperation with the China-Singapore Project Bureau, based on the positioning of the China-Singapore Connectivity Project Operation Center in Yuzhong District, and serve Chinese and Singaporean enterprises to go out and bring in. In addition to financing cooperation under trade items, explore cross-border financial services such as cross-border bond issuance, cross-border investment and mergers and acquisitions by enterprises in the free trade zone, and actively cooperate with Singapore to explore and support enterprises to issue financing tools such as green real estate investment trusts and bonds overseas. Under the framework of the China-Singapore (Chongqing) Strategic Connectivity Demonstration Project, explore business cooperation between Chongqing and Singapore, such as bonds and bills. "This project can play a leading role in innovative financing models for large state-owned enterprises in Chongqing, and can effectively attract international financial institutions to invest in China," said the relevant person in charge of the Bank of Chongqing.
In the future, the Bank of Chongqing Free Trade Zone Branch will rely on the business advantages of the head office to seize the opportunities for the development of offshore bonds in the free trade zone, provide customers with more convenient and high-quality financial services, and create a strategic node for Chongqing in the new development pattern of the domestic cycle , The strategic hub of the domestic and international dual cycle contributes financial power.
Optimizing financial services and building a free trade exclusive bank
"The Bank of Chongqing Free Trade Zone Branch will further strengthen the linkage between the head office and the branch, relying on Bank of Chongqing's global network of overseas correspondent banks and rich and smooth domestic interbank channels, actively promote and accelerate the construction of a payment and settlement system, and create an integrated, multi-currency currency (multi-currency) An online + offline and full-process trade finance payment and settlement system; in terms of deepening the application of trade finance products, relying on the good qualifications of the head office, rich domestic and foreign interbank credit and financial innovation policies in the free trade zone, based on providing customers in the zone The latest and best financing service." The relevant person in charge of Bank of Chongqing introduced. Branches in the free trade zone will also actively explore the construction of an account system that adapts to a high level of openness, carry out pilots of the domestic and foreign currency integrated bank account system and the domestic and foreign currency integrated cross-border capital pool pilot, promote the cross-border use of RMB, and further explore the interconnection of financial markets.
Bank of Chongqing Free Trade Zone Branch will focus on various trade finance businesses and innovation directions in the Free Trade Zone, focus on improving customer experience, and create a free trade exclusive bank that facilitates local and foreign currencies, providing enterprises in the Free Trade Zone with more convenient, more favorable, and more comprehensive services. One-stop comprehensive financial services.
Strengthen government-bank cooperation and upgrade the green financial service system
As the demand for financial services such as foreign exchange settlement and sales, cross-border settlement, and trade financing continues to grow rapidly, the traditional financial service model is difficult to meet the needs of green development. It is urgent to innovate financial models and improve financial service efficiency. In response to the above pain points, the Bank of Chongqing Free Trade Zone Branch will actively fulfill its green financial responsibilities, start green financial services, focus on creating a "commercial bank + investment bank + transaction bank" foreign exchange service model, actively explore innovative business models and trade gold products, etc., and build a bank Enterprise cooperation platform, broaden corporate financing channels, implement precise services, and make every effort to be a good "shop and small second" for large, medium, small and micro enterprises in the district.
At the same time, in order to promote the continuous opening up of finance, the Bank of Chongqing Free Trade Zone Branch will also focus on the characteristics of cultural and tourism financial services, promote the deep integration of cultural and tourism financial services and green finance, and combine the development plan of "Chongqing Green Finance Avenue" in Yuzhong District . Strengthen the cooperation of "government-bank-enterprise" in terms of institutional gathering blocks, green project financing, etc., and use "bank-government linkage" to help Yuzhong and the city's cultural and tourism industry achieve high-quality development.
Focus on free trade zones to provide comprehensive financial services
In recent years, the Chongqing Banking and Insurance Regulatory Bureau has actively supported financial institutions to set up branches in the free trade zone to promote the construction of Chongqing's inland open highlands. The approval of Bank of Chongqing Free Trade Zone branch will be more conducive to its advantages in resource tilting, product innovation, talent allocation and many other aspects, and it will be able to respond and follow up various preferential policies in the Free Trade Zone more efficiently.
The relevant person in charge of the Bank of Chongqing said that in the next step, the branch in the free trade zone will link up with six sub-branches in the area to form a complete service network in the free trade zone. It will give full play to the advantages of Bank of Chongqing in trade financing and cross-border services, and strengthen product innovation and business. Innovate in the model, enrich the financial service options in the free trade zone, and strive to become the "broadcasting station" of the policy of the free trade zone, the "gas station" of the enterprises in the free trade zone, and the "pioneer" of financial services in the free trade zone.
The tide rises against the wind, and it is time to set sail. The Free Trade Zone Branch of the Bank of Chongqing will firmly seize the development opportunity, start from serving the real economy, continue to provide high-quality and efficient comprehensive financial services, and help Chongqing's high-quality development.
