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January 21, 2021

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Banks told to support bonded zone

The Shanghai Banking Association is calling for banks to support the development of the Yangshan Special Comprehensive Bonded Zone by offering better and innovative financial services and products.

The call was made by Xu Bin, the association’s president and also president of Bank of Communications’ Shanghai branch at an acceptance ceremony for the zone (Phase II)’s customs clearance.

The proposal encourages member banks to help the zone take the lead in achieving breakthroughs in key areas, and build a best practice area with global demonstration significance for the facilitation of international investment and trade services.

Specifically, banks are being encourages to increase credit support for key enterprises and projects in the region, innovate financial products and service models and implement differentiated credit policies in the zone.

The initiative also calls for more convenient financial services such as cross-border settlement and financing for qualified high-quality enterprises in the area, and the building of a higher-level financial service system for trade liberalization and facilitation with the support of big data platforms.

The Yangshan zone, China’s current exclusive special comprehensive bonded zone, was launched in May last year.


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