Niu Ximing: Seven aspects of service, good belt and road construction

Text / Sina Finance opinion leader column (WeChat public number kopleader) columnist Niu Ximing

The “One Belt, One Road” construction adheres to three major concepts: political mutual trust, economic integration, and cultural tolerance; it must achieve three major goals: infrastructure interconnection; investment and trade facilitation; and humanities exchanges and mutual recognition.

In the fall of 2013, President Xi Jinping proposed the “One Belt, One Road” major initiative, promoting the development of countries along the line with the concept of “common development, cooperation and win-win” and sharing the dividend of China's reform and development.

The “One Belt, One Road” construction adheres to three major concepts: political mutual trust, economic integration, and cultural tolerance; it must achieve three major goals: infrastructure interconnection; investment and trade facilitation; and humanities exchanges and mutual recognition.

In 2015, the “five links” of “Policy Communication, Facility Linkage, Trade Smooth, Capital Finance, and People's Hearts” were officially established as the focus of cooperation in the “Belt and Road” construction. Governor Zhou Xiaochuan proposed that ZiFiong is an important support for the construction of the “Belt and Road”. The “One Belt, One Road” investment and financing should be based on marketization, adhere to the principle of sustainability and mutual benefit and win-win; enrich and use all kinds of investment and financing methods. Provide financial support for the “Belt and Road” construction.

Specific to the Bank of Communications, to serve the "Belt and Road" construction, I think we should focus on the following seven aspects of work:

First, focus on the real economy, support infrastructure construction, and especially support the construction of infrastructure such as transportation, electricity, and communications;

Second, focus on strategic priorities and actively promote the networked layout of financial institutions and financial services;

The third is to strengthen multilateral cooperation and achieve a close integration of development finance and commercial finance;

The fourth is to innovate financial products and tools to better provide financial services;

The fifth is to strengthen practical application and explore the direct settlement and exchange between RMB and local currency;

Sixth, adhere to the stable and compliant operation, and prevent and control various risks;

The seventh is to pay attention to cultural tolerance and strive to achieve the integration of finance and culture.

1. Focus on the real economy, support infrastructure construction, and especially support the construction of infrastructure such as transportation, electricity, and communications.

President Xi Jinping pointed out: "If the 'Belt and Road' is likened to the two wings of the Asian take-off, then the interconnection is the blood and meridians of the two wings." "To be rich, to build roads first," infrastructure construction plays a leading role in the construction of the "Belt and Road". As is known to all, the infrastructure of most countries along the “Belt and Road” is lagging behind, especially the backwardness of transportation, electricity and communication infrastructure, which greatly limits their economic development. China's experience and technology in the field of infrastructure construction are among the highest in the world. This seamless connection between input and output demand has prompted China and the countries along the “Belt and Road” to carry out a large number of cooperation in the field of infrastructure construction, effectively improving along the line. The country's infrastructure construction level, which is the focus of transportation, electricity, and information infrastructure construction.

Secondly, when Chinese companies go out, the “Belt and Road” can do a lot, and banks should follow closely. The “One Belt, One Road” strategic plan encourages Chinese enterprises and enterprises in their countries to participate in infrastructure construction and industrial investment along the route. By promoting international capacity cooperation, the company further accelerates industrial output and promotes the export of products, technologies and services throughout the industry chain, serving countries along the route and Infrastructure construction of transportation, electricity, information and communication in the region. The “Belt and Road” has brought new growth space for the commercial banking infrastructure business. The trade finance business has new development areas, and the cross-border RMB business has new development opportunities, which provides great opportunities for the transformation and development of commercial banks.

The measures of Bank of Communications mainly have the following four aspects:

First, comprehensively implement the national economic and financial policies, and annually revised the Outline of the Credit and Risk Policy and the Guidelines for Investment, and made the infrastructure interconnection and high-end equipment manufacturing in the “Belt and Road” strategy a key support area.

The second is to formulate a key project reserve mechanism, and queue up the key credit projects across the country. The head office will give a special credit scale and dynamically follow up the progress of the project to ensure that the key projects will be effective.

The third is to actively explore and promote financing modes such as PPP and government procurement services for key areas and cities along the “Belt and Road” to support key projects as soon as possible.

Fourth, pay attention to the advantages of internationalization and comprehensive strategy, and actively support Chinese enterprises to “go global” through various methods such as fund management, cross-border settlement, overseas bond issuance, and M&A financing. For example, in 2016, Bank of Communications supported China's largest investment project in Saudi Arabia, Sinopec's first overseas refining project, the Yanbu refinery project, which was officially put into operation, totaling US$1.5 billion. President Xi Jinping and Saudi Arabian King Salman attended the launching ceremony of the project.

Second, focus on strategic priorities and actively promote the networked layout of financial institutions and financial services

Regarding the “One Belt and One Road” construction, how to promote the networked layout of financial institutions and financial services, President Ogawa proposed six aspects, including financial institution mutual establishment, financial service docking, capital market connectivity, financial infrastructure connectivity, I am in favor of the role of the international financial center and the exchanges and cooperation between financial supervisory authorities. Bank of Communications will closely focus on these aspects and continuously improve the network layout.

At present, Bank of Communications has established a number of overseas banking institutions in international and regional financial centers in New York, Tokyo, Singapore, Seoul, Ho Chi Minh, Luxembourg, Frankfurt, Paris, Rome, London, Sydney, Brisbane, San Francisco, Toronto, Rio de Janeiro, etc. Established the Czech Prague branch and the Johannesburg branch. At present, the international network construction of “Asia-Pacific as the main body, with Europe and the United States as the two wings and expanding the global layout” has taken shape.

During the “13th Five-Year Plan” period, Bank of Communications will continue to increase the application of overseas banking institutions, and it is planned to reach 25 overseas banking institutions by 2020.

Third, strengthen multilateral cooperation and achieve a close integration of development finance and commercial finance

Business finance must be closely integrated with development finance. The Chinese-style development finance business has multiple advantages and can play an important role in the “One Belt, One Road” financing. Commercial banks, by virtue of their product categories, network settlement and service experience, can complement development finance and policy finance. Bank of Communications has signed a strategic cooperation agreement with the China Development Bank and the Export-Import Bank to jointly implement the national economic and financial strategies and policies such as the “Belt and Road”.

Bank of Communications and the BRICS New Development Bank also signed a strategic cooperation agreement with a credit line of 29.645 billion yuan. The business varieties cover fund transactions, foreign exchange derivatives transactions, and bond investments. Bank of Communications also invested in the development of the first phase of green financial bonds by the New Development Bank of 300 million yuan, providing a total of 403 million US dollars of credit for sovereign countries along the “Belt and Road” in Saudi Arabia, Indonesia and Vietnam.

In the future, Bank of Communications will continue to strengthen cooperation with China Development Bank, Export-Import Bank and international development multilateral financial institutions to form a strong synergy of financial support “One Belt, One Road”, and cooperate in information, customers, funds, projects, channels, etc. Learn from each other's strengths, jointly develop more high-quality projects, jointly control business risks, and achieve win-win cooperation in financial support "One Belt, One Road".

Fourth, innovative financial products and tools to better provide financial services

As a large-scale commercial bank with a high degree of integrated operation in China, Bank of Communications coordinates banking, trust, leasing, securities, funds, insurance and other business products to provide integrated financial services for enterprises along the “Belt and Road”. In China, Bank of Communications actively explores and promotes integrated financing modes such as PPP and government procurement services, and supports key projects to be put into operation as soon as possible. For example, the trust companies of Bank of Communications have vigorously promoted the promotion of PPP projects along the “Belt and Road”. Currently, there are 239 cooperative projects. The scale reached 160.3 billion yuan. Bank of Communications' financial leasing company has expanded its aviation and shipping leasing market. As of the end of 2016, it has carried out 25 aircraft air leasing business with 7 major customers in 5 countries along the “Belt and Road” with a contracted amount of approximately US$1.87 billion. On the other hand, 20 vessels were leased from six customers in two countries along the “Belt and Road” with a cooperation amount of US$856 million.

Play the characteristics of Bank of Communications HSBC "1+1" global financial services. HSBC's “1+1” global financial services is the market leading brand for Bank of Communications and HSBC to provide customers with the foundation, network channels and complementary services to provide high-quality customers with global financial services. HSBC has the advantage of global network layout, and its coverage rate in the area along the “Belt and Road” has reached 50%. Bank of China has used this cooperation platform to provide customized services for large Chinese customers such as syndicated loans, project financing and cross-border RMB settlement. For example, in 2016, Bank of Communications and HSBC provided credit support for five Chinese companies' overseas projects through this model. The total amount of cooperation projects in Bangladesh, Vietnam and Saudi Arabia reached US$2.4 billion. In turn, HSBC is also able to strengthen business cooperation such as foreign currency syndicates by means of the Bank of Communications offshore platform. In 2016, Bank of Communications and HSBC jointly carried out 8 foreign currency syndicated cooperation (HSBC recommended 5 pens to the Bank of Communications and participated in 3 pens). The total amount of cooperation projects was US$12.4 billion, up 349% year-on-year; Bank of Communications actually participated in US$600 million, an increase of 294%. %. Through close cooperation to meet the global financial needs of customers, Bank of Communications HSBC “1+1” global financial services has created a new model of China's financial open cooperation.

Commercial banks can support the construction of the Belt and Road infrastructure through various product innovations such as debt issuance, funds, trusts, leasing, and wealth management. For example, commercial banks can help the Belt and Road countries design commercial financing models, and support the infrastructure construction of the Belt and Road countries through a combination of “issuing bonds + funds + development finance + commercial finance”.

Commercial banks can also explore the establishment of the “One Belt, One Road RMB + Local Currency Infrastructure Construction Fund”, which is dedicated to the construction of transportation, electricity and information communication facilities.

V. Strengthen practical application and explore the direct settlement and exchange between RMB and local currency

In the construction of the “Belt and Road”, there are many advantages to using local currency for investment and financing. As Governor Zhou Xiaochuan pointed out, the first is to mobilize local savings and global funds. Second, it is conducive to reducing the cost of exchange. Third, it is conducive to maintaining financial stability. Therefore, how to better play the role of the renminbi in the “Belt and Road” should focus on the following three aspects.

The first is to strengthen relevant academic research. It is recommended to hold the “One Belt and One Road Local Currency + RMB Investment and Financing Forum” to fully explore the issues of direct settlement and exchange between the RMB and the local currency, and provide a direct intellectual reference for the role of the RMB.

The second is to expand the use of the renminbi. Exploring the use of intra-regional currencies for trade settlement and debt financing, and other financial and monetary cooperation channels. As a pioneering country for the “Belt and Road Initiative”, China's international use of the renminbi will gain unprecedented opportunities.

The third is to accelerate the pace of comprehensive development of free trade zones across the country. The Free Trade Zone is the bridgehead of the “Belt and Road” and is also the key service area of ​​the Bank of Communications. Before the Bank of Communications, we have set up special branches in special economic zones such as Shanghai Free Trade Zone, Shenzhen Qianhai Cooperation Zone, and Xinjiang Khorgos Cooperation Zone. We will take advantage of the first-mover advantage, take the internationalization of the RMB as an opportunity, and make good use of the SAR policy. We will enhance cross-border RMB business service capabilities, accelerate the development of RMB direct trading varieties such as RMB cross-border trade, investment and financing products, and assist in the construction of free trade zones.

6. Adhere to sound and compliant management, prevent and control various risks

The implementation of the “Belt and Road” strategy has a long way to go, and there are inevitably various risks. Many countries and regions along the “Belt and Road” have weak economic foundations and complex geopolitical relations. While Chinese banks are actively promoting financial services and cooperation along the “Belt and Road” countries, they must take various measures to strengthen cross-border risk prevention. Only by building a comprehensive risk management dam can Chinese banks continue to introduce the living water of financial services for the “Belt and Road” construction, and create a strong financial “big artery” and “main road” for wider and deeper integration. In the overall situation of the “Belt and Road” construction, make the financial industry's due contribution.

For a long time, Bank of Communications has continued to establish and improve a comprehensive risk management system with “full coverage, full process, risk culture and responsibility system” as its core. It has formed a legal compliance and stable operation characteristics, especially with a high level of overseas compliance. The organization has received a good rating from the local regulatory authorities and has accumulated more mature experience. Bank of Communications will continue to adhere to the characteristics of stable and compliant operation, actively docking the financial supervision and coordination mechanism under the “Belt and Road” framework, and strengthen political, legal, operational, compliance, credit risk, country risk management and control, and strengthen cross-cultural management. It has made its own positive contribution to the construction of the “Belt and Road” and the promotion of economic and financial cooperation.

7. Pay attention to cultural tolerance and strive to achieve the integration of finance and culture.

In his speech, President Xi repeatedly emphasized that humanities exchanges and cooperation are also an important part of the construction of the “Belt and Road”. To truly build the "Belt and Road", we must form a humanistic pattern of mutual appreciation, mutual understanding and mutual respect among the people of the countries along the line. The communication between the people and the mind is an important part of the construction of the “Belt and Road” and the humanistic foundation for the construction of the “Belt and Road”. We must adhere to the joint promotion of economic cooperation and humanities exchanges, focus on intensive cultivation in the humanities, respect the cultural history, customs and habits of people of all countries, strengthen friendly exchanges with people along the line, and lay a broad social foundation for the construction of the “Belt and Road”.

Over the past three years, the construction of the “Belt and Road” has been fruitful and fruitful. A magnificent picture that spans the Wanli Sea area and brings up the Asian-European economic circle has been opened. Next year, the Bank of Communications will also celebrate its 110th birthday. We will actively connect with the national strategy, continue to play the role of internationalization and integration, and take the initiative in the "One Belt, One Road" strategy. While actively expanding overseas markets, we will improve the network layout of important nodes of the “Belt and Road” overseas, learn about local culture, learn local culture, respect local culture, combine local culture with Chinese excellent culture, and communicate local culture with a hundred years. The cultural genes are integrated to enable the Bank of Communications to better serve the local economic and social development.

(The author of this article: Secretary of the Party Committee of the Bank of Communications, Chairman of the Board of Directors, President of the Shanghai Financial Federation, and a financial expert who enjoys the subsidy of the national government.)

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