Establishment of Western Land-Sea New Corridor Financial Service Consortium to Boost Cross-Border Trade and Investment

On April 21, during the 5th China-Singapore Financial Summit, the Western Land-Sea New Corridor Financial Service Consortium (hereinafter referred to as the “Gold Consortium”) was formally established in Chongqing. The Golden Consortium strives to improve the efficiency of supply and demand matching and service of cross-border economic and trade investment and financing, and promote cross-border trade investment and industrial development of the New Land-Sea Corridor.

A few days ago, Chongqing issued a five-year action plan to speed up the construction of the Western Land-Sea New Corridor, and made arrangements for the formation of the Golden Consortium. In this context, Chongqing local corporate banks, policy banks, and Chinese and foreign commercial banks in Chongqing jointly initiated the establishment of a financial consortium, and organized financial institutions along the channel to participate. At present, there are 56 member institutions in the Gold Consortium, forming a multi-level institutional system of “Chinese capital + foreign capital, policy + commercial, national + local, local + remote”.

It is reported that the Golden Consortium will rely on the advantages of domestic and foreign financial resources to explore the formation of a market transaction network and financial service system covering the entire country and region along the New Land-Sea Corridor. Specifically, the first is to open up the internal financial credit of the consortium, carry out inter-industry cooperation, realize the linkage of credit information, and solve the problem of fragmentation and decentralization of financial services caused by information asymmetry among domestic and foreign financial institutions; Strengthen inter-enterprise cooperation in industry, trade, and investment, and solve the difficult problem of cross-border transaction cooperation caused by information asymmetry; the third is to provide more localized financial services, share corporate financial credit and demand information held by domestic and foreign financial institutions, and solve corporate Difficulty in granting credit for cross-border activities, insufficient financing services, and high financing costs caused by cross-border financial needs and asymmetric credit information.

At present, Jin Consortium relies on local legal person financial institutions and links with remote legal person institutions such as Sichuan and Guangxi. It has more than 3,000 service outlets, and its network has covered all provinces, autonomous regions and cities along the Western Land-Sea New Corridor; relying on Chinese-funded policy banks, development banks, and commercial banks Large financial institutions such as DBS Bank, Standard Chartered Bank and other international financial institutions have linked their local branches in countries and regions along the New Land-Sea Corridor. There are already over 1,000 overseas service outlets, and the network has covered countries and regions along the New Land-Sea Corridor. On the same day, the Golden Consortium’s comprehensive financial service platform was also officially released.