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October 12, 2018

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Foreign banks to participate in CIIE

MORE than 10 international banks will join the first China International Import Expo to be held in Shanghai from November 5 to 10.

Banks, including Standard Chartered and HSBC, will display their financial services products during the expo.

According to CIIE’s website, more than 2,800 companies from over 130 countries and regions are expected to join the expo. Among the seven exhibition areas, the service and trade area will be the highlight. It will gather world-leading logistics companies, hotels, top investment institutions and international banks.

“As China’s financial hub, Shanghai has provided a favorable business environment and great opportunities for foreign investors and banks,” said Zhang Xiaolei, executive vice chairman and CEO of Standard Chartered China. “The first CIIE will bring us more chances to support cross-border trade.”

“During the expo, we will display four of our financial products including short-term trade financing, cross-border financing services, foreign exchange risk management and regional risk management,” said Zhang.

“CIIE will be a part of China’s support to economic globalization and trade liberalization,” said Liao Yijian, president and CEO of HSBC Bank (China) Co. “Cross-border financial services are an inevitable part of globalization, and our financial services will help Chinese companies go global.”

Over 10 other international banks, including DBS Bank, Nanyang Commercial Bank, Mizuho Bank and Standard Bank, are also looking forward to joining the CIIE. For example, DBS will bring its ENCORE system to the expo.

In addition to overseas banks, a number of Chinese banks will also join the expo with their tailored financial products and services. Bank of China and Shanghai Pudong Development Bank will provide the CIIE with financial services, including payment, foreign exchange and financing for exhibitors and buyers.

Meanwhile, the six-day event bodes new opportunities for the world economy, experts and importers said yesterday.

As the first state-level import expo in the world, CIIE marks the shift in China’s economic development model from export-oriented to balancing import and export, said Liu Yingkui, a foreign investment expert at the China Council for the Promotion of International Trade Academy.

The Customs and Tariff Commission announced an import tariff reduction on 1,585 industrial products, including machinery, parts and raw materials, from November 1, after removing tariffs for most imported medicine in May and cutting tariffs on autos and consumer products in July. Average tariff is down 23 percent from last year to 7.5 percent.

Expanding import upgrades for Chinese lifestyles, making high-quality products worldwide available at competitive prices is part of the thinking.

According to Liu Hong, manager of Canada-based Latitude 50 Ecology Group, seafood such as salmon, oysters and lobsters from Canada can reach family tables in China’s first-tier cities within 36 hours, owing to cold-chain logistics technology and China’s trade policies.

“The big tariff reduction on aquatic products in July has put us in advantage in Chinese markets,” said Liu.

The expo also serves to find homes for new technology, as world-leading lathe manufacturers are scheduled to debut a dozen of their latest models.

Forums will be held during the expo aimed at promoting economic and trade dialogues between participating countries. One of the forums under planning seeks to set up Chilean clean-energy providers with Chinese companies, according to Wu Yuanfeng, an expo staffer.

The expo provides two standard booths free of charge for less developed countries in an effort to ensure diversity and inclusiveness of the event.

In the global backdrop of trade protectionism, the import expo is consistent with China’s long-time effort to seek mutual benefits and advocate free trade, said Bai Ming, a researcher at the Ministry of Commerce. “It shows the world all the trade opportunities they may miss when they miss out on the Chinese market.”


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