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As the global financial crisis spread, financial services exhibition and China-ASEAN Summit Forum on Financial Cooperation & Development started to be held based on the Agreement of Trade in Services since the 6th CAEXPO of 2009. Five years have passed and China-ASEAN financial cooperation has been developed continuously, safeguarding the development of enterprises from both sides. The CAEXPO, which has been successfully held for 11 years, is undoubtedly one of the best platforms to promote financial cooperation and deepen economic and trade cooperation.
Emerge as the Times Require
Finance is the blood of modern economy. In recent years, foreign investment has witnessed rapid development of Chinese enterprises. However, a number of Chinese enterprises have been plagued by financial issues when going global. The increasing close economic and trade ties between China and ASEAN also raise a higher demand to financial services. Governments, financial regulators, financial institutions and non-financial enterprises from both China and ASEAN countries all need to accelerate the pace of financial cooperation.
In this context, in order to better serve the construction of CAFTA, support Chinese enterprises to make use of the CAEXPO as the ASEAN-oriented investment platform and help solve the investment and financing problems for overseas Chinese enterprises, the first China-ASEAN Summit Forum on Financial Cooperation & Development was born at the 6th CAEXPO in October 2009.
Be Held on Regular Basis with New Features
Financial forum and financial services exhibition have been successfully held for six years, which add more practical content and new features each year.
2014 was the opening year of China-ASEAN “Diamond Decade” and borderland comprehensive financial reform. To further deepen bilateral financial cooperation and raise the level of bilateral trade and investment facilitation, the 6th China-ASEAN Summit Forum on Financial Cooperation & Development themed the “cross-border RMB business innovation” was held in the 11th CAEXPO. During the Forum, financial institutions like BOC and ABOC released currency trading index of China and ASEAN countries. Also, the opening ceremony for currency exchange service between China and eight ASEAN countries was held by ABOC, providing China and ASEAN better financial support for economic and trade cooperation.
It is worth mentioning that as an important part of cross-border RMB business innovation, cross-border loan has successfully landed in Guangxi. On September 19, 2014, China-Malaysia Qinzhou Industrial Park signed loan contracts with BOC Malaysia Branch and obtained a loan of 30 million yuan for the project construction of the standardized plant (phase I), which is the first cross-border RMB loan in Guangxi. Moreover, ICBC Singapore Branch, BOC Thailand Branch and CCB Singapore Branch signed cross-border RMB loan agreement with Guangxi Investment Group Co., Ltd., Guangxi Fangchenggang Nuclear Power Co., Ltd., Guangxi Fangyuan Electric Power Co., Ltd., Guangxi Jingui Pulp & Paper Co., Ltd. and Qinzhou Port Group Co., Ltd. respectively in November 2014, with a total amount of 770 million yuan.
With the accelerated pace of RMB internalization, major financial institutions will continue to use the CAEXPO as the platform to open a path of “monetary circulation” for cross-border trading and connectivity between Chinese and ASEAN enterprises.
Help Enterprises “Going Global”
Meanwhile, the CAEXPO constantly improves financial services, encourages the cooperation between enterprises and financial institutions, providing “going global” enterprises with financial support.
In the 11th CAEXPO, as the only invited Chinese stock-holding bank, China Minsheng Bank Nanning Branch displayed its structural trade financing products, such as, loans for overseas investment and foreign project contracting buy/seller credit, which all aim to help internationalize private enterprises. The bank also made intensive exploration on financing problems for private enterprises to “go global”, which is highly regarded by participants enterprises.
China Minsheng Bank, a joint-equity commercial bank in China, is an early supporter of Chinese enterprises, especially private enterprises who “go global”. It set up the first overseas branch in Hong Kong, and then established the second one in Singapore and launched overseas investment and financing business to support private enterprises to go global. In the field of mining industry, its overseas investment projects have been expanded to five continents. Export-oriented industries like photovoltaic, oil and gas have taken on a new look, which are led by overseas investment loans; The bank also has large market share in areas such as new energy, new materials and high-end mechanized equipment. It will also actively explore new markets, open up overseas bank cooperation channels, and rely on trade finance services, provide enterprises and its counterparts with comprehensive financial services solutions like merger and acquisition loans and cross-border RMB settlement.
China Minsheng Bank is one of banks that debut successfully at the CAEXPO. Well-known financial institutions including BOC and ICBC also actively showed exhibitors their financial policies, scope of business, service concepts, as well as preferential policies and measures which help Chinese enterprises “go global”. By virtue of the CAEXPO, it is believed that China-ASEAN financial cooperation will scale new height and safeguard enterprises to "go global".
Emerge as the Times Require
Finance is the blood of modern economy. In recent years, foreign investment has witnessed rapid development of Chinese enterprises. However, a number of Chinese enterprises have been plagued by financial issues when going global. The increasing close economic and trade ties between China and ASEAN also raise a higher demand to financial services. Governments, financial regulators, financial institutions and non-financial enterprises from both China and ASEAN countries all need to accelerate the pace of financial cooperation.
In this context, in order to better serve the construction of CAFTA, support Chinese enterprises to make use of the CAEXPO as the ASEAN-oriented investment platform and help solve the investment and financing problems for overseas Chinese enterprises, the first China-ASEAN Summit Forum on Financial Cooperation & Development was born at the 6th CAEXPO in October 2009.
Be Held on Regular Basis with New Features
Financial forum and financial services exhibition have been successfully held for six years, which add more practical content and new features each year.
2014 was the opening year of China-ASEAN “Diamond Decade” and borderland comprehensive financial reform. To further deepen bilateral financial cooperation and raise the level of bilateral trade and investment facilitation, the 6th China-ASEAN Summit Forum on Financial Cooperation & Development themed the “cross-border RMB business innovation” was held in the 11th CAEXPO. During the Forum, financial institutions like BOC and ABOC released currency trading index of China and ASEAN countries. Also, the opening ceremony for currency exchange service between China and eight ASEAN countries was held by ABOC, providing China and ASEAN better financial support for economic and trade cooperation.
It is worth mentioning that as an important part of cross-border RMB business innovation, cross-border loan has successfully landed in Guangxi. On September 19, 2014, China-Malaysia Qinzhou Industrial Park signed loan contracts with BOC Malaysia Branch and obtained a loan of 30 million yuan for the project construction of the standardized plant (phase I), which is the first cross-border RMB loan in Guangxi. Moreover, ICBC Singapore Branch, BOC Thailand Branch and CCB Singapore Branch signed cross-border RMB loan agreement with Guangxi Investment Group Co., Ltd., Guangxi Fangchenggang Nuclear Power Co., Ltd., Guangxi Fangyuan Electric Power Co., Ltd., Guangxi Jingui Pulp & Paper Co., Ltd. and Qinzhou Port Group Co., Ltd. respectively in November 2014, with a total amount of 770 million yuan.
With the accelerated pace of RMB internalization, major financial institutions will continue to use the CAEXPO as the platform to open a path of “monetary circulation” for cross-border trading and connectivity between Chinese and ASEAN enterprises.
Help Enterprises “Going Global”
Meanwhile, the CAEXPO constantly improves financial services, encourages the cooperation between enterprises and financial institutions, providing “going global” enterprises with financial support.
In the 11th CAEXPO, as the only invited Chinese stock-holding bank, China Minsheng Bank Nanning Branch displayed its structural trade financing products, such as, loans for overseas investment and foreign project contracting buy/seller credit, which all aim to help internationalize private enterprises. The bank also made intensive exploration on financing problems for private enterprises to “go global”, which is highly regarded by participants enterprises.
China Minsheng Bank, a joint-equity commercial bank in China, is an early supporter of Chinese enterprises, especially private enterprises who “go global”. It set up the first overseas branch in Hong Kong, and then established the second one in Singapore and launched overseas investment and financing business to support private enterprises to go global. In the field of mining industry, its overseas investment projects have been expanded to five continents. Export-oriented industries like photovoltaic, oil and gas have taken on a new look, which are led by overseas investment loans; The bank also has large market share in areas such as new energy, new materials and high-end mechanized equipment. It will also actively explore new markets, open up overseas bank cooperation channels, and rely on trade finance services, provide enterprises and its counterparts with comprehensive financial services solutions like merger and acquisition loans and cross-border RMB settlement.
China Minsheng Bank is one of banks that debut successfully at the CAEXPO. Well-known financial institutions including BOC and ICBC also actively showed exhibitors their financial policies, scope of business, service concepts, as well as preferential policies and measures which help Chinese enterprises “go global”. By virtue of the CAEXPO, it is believed that China-ASEAN financial cooperation will scale new height and safeguard enterprises to "go global".