On the afternoon of November 6, Industrial and Commercial Bank of China (ICBC), in conjunction with the People’s Bank of China (PBOC), successfully held CIIE Financial Cooperation Forum, one of the supporting events for the 3rd China International Import Expo (CIIE), at the National Exhibition and Convention Center (Shanghai). The forum chaired by ICBC Board Secretary Guan Xueqing was attended by Vice President Chen Yulu of PBOC, Vice Mayor of Shanghai Wuqing and ICBC Chairman Chen Siqing, as well as representatives from more than 70 financial institutions, non-financial enterprises, government departments, academic institutes and international multi-lateral organizations from over 20 countries and regions, including nearly 40 members of the Belt & Road Inter-bank Regular Cooperation Mechanism (BRBR).

ICBC Chairman Chen Siqing said in his speech that the world today faces dramatic changes that are rarely seen in a century. The prevailing COVID-19 sped up such changes, bringing new features to global economy and finance, making finance more engaged in serving the real economy, accelerating the transformation to online financial services, and deepening the opening-up of finance in China. BRBR, as a major platform for global financial cooperation and governance, plays a positive role in forming synergy to fight the pandemic and serving economic recovery. In the face of the complicated situations with the pandemic included, ICBC will join hands with its financial peers to further deepen financial services. The first is to promote connectivity, stabilize global industrial chain and supply chain and help domestic and overseas enterprises seize the enormous opportunity of China’s speeding up to construct the new development pattern. The second is to adhere to inclusive development, enhance financial support for medium, small and micro businesses and for people’s livelihood, and overcome difficulties together with business, families and governments. The third is to accelerate innovative transformation conforming to the general trend of digital economy, speed up digitalized transformation and improve the quality and efficiency of financial services. The fourth is to drive forward sustainable development, innovate in green financial instruments, take environment, social responsibility and corporate governance (ESG) into comprehensive consideration and improve the capacity of sustainable development. The fifth is to strengthen risk management and refine abilities in risk compensation and emergency response. The sixth is to tighten communication and collaboration, and use financial forces to promote opening and development of global economy, drive mutual complementation and joint development, and create more benefits to enterprises and families.

Vice President Chen Yulu of PBOC mentioned that deepening opening-up is an inevitable requirement of practicing the new development concept, constructing the new development pattern and promoting high-quality development. In order to deepen the financial opening-up, it’s imperative to follow the principles of market-based practice, rule by law, align to international high standards and pay closer attention to prevention and control of financial risks. It’s also important to promote RMB internationalization, adhere to market-oriented principle, and complete supportive systems for use of local currency. Dedicated to the fundamental task of serving the real economy, efforts need be made to optimize and stabilize global industrial chain and supply chain, and join hands in responding to challenges faced by global economy. The principle of “enterprises as main player, market-based operations, mutual benefit for win-win result” need be upheld to enhance the Belt and Road cooperation in investment and financing.

Vice Mayor of Shanghai Wuqing pointed out in the speech that building Shanghai International Financial Center is a historical task assigned to the city at the height of reform and opening-up and modernization in China. In recent years, Shanghai has made remarkable achievements in financial opening-up and cooperation, with financing institutions growing at a faster pace, financial market cooperation deepening, cross-border business developing faster, and exchanges with other international financial center cities increasing. This year, the construction of Shanghai International Financial center is coming to close. At a new starting point, Shanghai is stepping up progress towards an international financial center with stronger growth engines and higher ability in global resource allocation.

President Timothy Adams of Institute of International Finance (IIF), Vice President Zhou Xuedong of China Development Bank, Group Chairman Jose Vinals of Standard Chartered Bank, Vice President Ma Leili of New Development Bank, UniCredit S.p.A. CEO Jean-Pierre Mustier, and Global Corporate & Investment Banking President Wolf of Bank of America addressed the event. Representatives from PBOC, Asian Infrastructure Investment Bank, Sumitomo Mitsui Banking Corporation, Banque Indosuez, Standard Advisory (China) Limited, ING Bank, Swiss Re Corporate Solutions, Coface and BRBR exchanged views in depth on such topics as prospect of the Belt and Road cooperation in investment and financing, and reshaping of global industrial chain and supply chain in the post-pandemic era.

During the forum, ICBC and BRBR members jointly issued the Initiative for Supporting Economic Recovery and Supply Chain Stability, calling upon members to maintain smooth services, enhance connectivity and cooperation, and contribute financially to promoting the stabilization of global economic services and industrial chain/supply chain, and creating a new picture for the Belt and Road financial cooperation in post-pandemic era.

The forum also launched the ICBC Intelligent Trade Finance Ecosystem. As its integral parts, the Belt and Road financial blockchain service platform, “Bay Area e-Trade Link” and “e-Corporate Electronic Guarantee” developed by ICBC were intended to inject new vigor to opening-up at a high level and the building of a new development pattern in China. The cross-border trade platform, the integrated e-commerce platform and “Digital Trade e-Chain Link” financial blockchain platform were developed by ICBC to contribute ICBC wisdom to promoting the smooth operations of global industrial and supply chain.

BRBR is initiated and established by ICBC under the guidance of PBOC during the 1st Belt and Road Forum for International Cooperation in 2017. Today, it has a full membership of 110 financial institutions from 61 countries and regions.