ICBC Xinjiang Branch Unveils Comprehensive Support Plan

On June 28, during the 8th China-Eurasia Expo, the Industrial and Commercial Bank of China (ICBC) Xinjiang Branch launched an ambitious action plan to bolster the development of the China (Xinjiang) Free Trade Zone (FTZ). Leveraging its extensive global network, ICBC aims to provide comprehensive and diversified financial support in both RMB and foreign currencies for the FTZ.

The plan targets the needs of the real economy and aims to enhance the quality and efficiency of services under the Belt and Road Initiative (BRI). It focuses on creating three platforms, establishing four mechanisms, and implementing five empowerment measures.

1. Three Platforms: ICBC plans to set up a government-bank-enterprise reform and opening-up pilot platform, an innovative FTZ financial services platform, and a BRI cross-border financial cooperation platform. With a special credit fund of 100 billion RMB, ICBC aims to support the FTZ's construction and meet corporate funding needs. Utilizing Xinjiang's strategic location, the bank will promote cross-border financial cooperation with BRI countries, supporting high-quality "bringing in" and "going out" initiatives.

2. Four Mechanisms: ICBC will establish integrated RMB and foreign currency operation mechanisms, long-term communication mechanisms, resource guarantee mechanisms, and priority business green channels, forming a collaborative effort between domestic and international operations. These mechanisms will provide comprehensive services, including information exchange, global matchmaking, cross-border fund clearing, and investment and financing services. The bank will strengthen communication with government departments to understand relevant policies and quickly respond to customer and FTZ institution needs, optimizing resource allocation and priority business channels to enhance service quality and efficiency.

3. Five Empowerment Measures: ICBC will focus on enhancing cross-border RMB services, supporting FTZ infrastructure and industrial development, engaging with various market players within the FTZ, innovating global payment products, and building a digital financial service ecosystem. These measures aim to empower cross-border finance, industry-finance integration, diversified development, digital transformation, and service pipelines, facilitating the comprehensive upgrade of the FTZ.

China Exim Bank Xinjiang Branch’s 16 Measures to Support Xinjiang FTZ Development

The China Exim Bank Xinjiang Branch has introduced 16 measures to support the development of the Xinjiang FTZ. These measures focus on key areas, strengthen planning and marketing, and enhance mechanism guarantees. According to Xu Haitao, Party Secretary and President of China Exim Bank Xinjiang Branch, these measures are a practical step to implement the spirit of the Autonomous Region Party Committee’s financial work conference. The bank will increase policy financial support, focusing on key areas and weak links in the Silk Road Economic Belt core area and the Xinjiang FTZ, providing quality financial services.

The measures include utilizing overseas investment loans, traditional import and export loans, and foreign trade infrastructure loans to support the accelerated construction and development of the Xinjiang FTZ, expanding international capacity cooperation, and serving enterprises in the region to engage in overseas investments. The bank will leverage the flexibility of its trade financing products and wide application scenarios to support the FTZ's expansion of cross-border settlements and actively promote the internationalization of the RMB.

Agricultural Bank of China Xinjiang Branch’s Comprehensive Financial Service Plan for Kashgar FTZ

The Agricultural Bank of China Xinjiang Branch has established an International Finance Department at its Kashgar branch and formulated a comprehensive financial service plan to support the Kashgar FTZ. The plan covers a wide range of services, from promoting innovative development in foreign trade and high-level opening-up to infrastructure construction and industrial park development. The bank aims to support key industries and enterprises, attract and retain high-end talent, serve local residents, and collaborate with government agencies to provide comprehensive financial services for the Kashgar FTZ.

Bank of China Xinjiang Branch’s Financial Service Plan for Xinjiang FTZ

In December 2023, the Bank of China Xinjiang Branch released a financial service plan to support the construction of the Xinjiang FTZ. The plan draws on financial reform and innovation experiences from other FTZs in China, particularly Shanghai. The plan focuses on innovation-driven, technology-led, think-tank services, and comprehensive support principles to drive the development of the Xinjiang FTZ.

Postal Savings Bank of China Xinjiang Branch’s Service Plan for Xinjiang FTZ

The Postal Savings Bank of China Xinjiang Branch has also launched a service plan for the Xinjiang FTZ, aiming to achieve significant growth in network setup, customer scale, business development, and market competitiveness in the FTZ by 2025.

Since its establishment, the China (Xinjiang) Free Trade Zone has attracted substantial support from leading financial institutions. These banks are driving innovation and providing essential financial services to foster economic growth and integration with global markets. As Xinjiang leverages its strategic location and resource advantages, the region is set to become a vital hub in the Belt and Road Initiative, facilitating high-quality development and international cooperation.