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Belt and Road Financial Alliance Set up in Qingdao

A Belt and Road financial alliance, formed jointly by 23 financial institutions in provinces under the auspices of the Silk Road Economic Belt, was established in Qingdao lately.

The financial alliance, initiated by the Bank of Qingdao, is made up of 23 financial institutions including Bank of Qingdao, Bank of Xi’an, Jinshang Bank, Bank of Zhengzhou, Bank of Ningxia, Bank of Lanzhou and Urumqi City Commercial Bank. At the inauguration ceremony, a Belt and Road financial alliance cooperation agreement was signed proposing that a Silk Road cooperation fund was to be set up jointly by the alliance members. The cooperation fund will adopt the contractual fund model and the capital contributed by members will form a trust. Members of the alliance will join hands in mapping out investment strategies, investment scope and major investment plans.

Alliance members will complement and cooperate with one another in a number of areas such as the financial market, trade finance, corporate banking and retail banking. They will also advance economic integration (of provinces) along the Silk Road by holding regular meetings, sharing information, and implementing interactive management in a move to jointly broaden business and client networks and provide robust financial services for the Belt and Road initiative.

Moreover, the alliance will provide more convenient and highly efficient services for the clients of member banks in terms of cargo loading and unloading, warehousing, logistics, and customs declaration and inspection at the Qingdao port. At the same time, action will be taken to appropriately lower various fees payable by the clients of member banks in the course of warehousing and logistics at the port of Qingdao. Where cooperation in project assets is concerned, alliance members may jointly invest in major quality projects and collectively participate in quality projects such as local government platforms, large-scale projects, and infrastructure construction. By so doing, they can effectively break through the bottleneck of investment concentration limit and shortage of funds.

Since 1 May this year, the General Administration of Customs has launched customs clearance reform in the form of customs clearance integration in customs areas along the Silk Road Economic Belt, with Qingdao Customs being the leader. Riding on this advantage, after the establishment of the alliance, the Bank of Qingdao will open its customs duties and taxes electronic payment platform to alliance members so that they can share the convenience of making online payments of customs duties and taxes. This move is expected to greatly enhance the deposit level and intermediate business income of alliance members, as well as raise the overall competitiveness of the Belt and Road financial alliance members.

Content provided by Picture: HKTDC Research
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