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Banks gear up for delta projects
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China鈥檚 banks are planning 鈥渢hree zones, one valley and one platform鈥 for the Yangtze River Delta region.
鈥淭he CBIRC鈥檚 Shanghai office will guide the banking industry to serve the integrated development of the Yangtze River Delta region,鈥 Liu Qi, a member of the Party committee of China Banking and Insurance Regulatory Commission鈥檚 Shanghai office, said at a meeting held by the Shanghai Banking Association on Tuesday.
The 鈥渢hree zones鈥 are the China (Shanghai) Pilot Free Trade Zone Lingang Special Area, the YRD Ecology and Integration Demonstration Area, and the Shanghai Hongqiao Business Hub.
The 2,300-square-kilometer YRD Ecology and Integration Demonstration Area includes Qingpu District in Shanghai, Wujiang District in Jiangsu Province and Jianshan County in Zhejiang Province. It was set up on November 1 by the State Council, tasked to YRD development strategy.
The 鈥渙ne valley鈥 is the G60 S&T Innovation Valley of the Yangtze River Delta, which includes nine cities along the G60 expressway.
The 鈥渙ne platform鈥 is the China International Import Expo.
Liu said most banks had already set up special teams for regional integration and had rolled out plans in line with the national strategy.
Most of the plans highlighted key areas, fields and industries as well as promises to lend more money to the region.
鈥淭hese areas and platform are the breakthrough point for the banking industry to provide financial services and commit to YRD regional integration,鈥 said Xu Bin, president of the Shanghai Banking Association and president of the Bank of Communications鈥 Shanghai branch. 鈥淭he financial industry plays a crucial role in these areas.鈥
The fields and industries the banking industry will focus on include S&T innovation, industries about people鈥檚 livelihoods such as education, health care, city management and public service, infrastructure construction, environmental protection and the medium-sized, small and micro-enterprises.
鈥淚ntegration means interconnection first of all. For us, our focus at present lies in interconnection of infrastructure, city management and industry development,鈥 said Kang Jie, vice president of Shanghai Rural Commercial Bank.
鈥淲e will give our focus industries more loans, 50 percent more than other fields,鈥 said Huang Tao, vice president of the Bank of Shanghai.
鈥淭he Industrial and Commercial Bank of China will add 2 trillion yuan (US$283.64 billion) in loans to YRD region in the next five years,鈥 said Gao Chong, vice president of ICBC鈥檚 Shanghai branch.
鈥淪hanghai Rural Commercial Bank will give 2,000 billion yuan to the YRD region, except Shanghai, in the next five years,鈥 Kang said.
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