Lately, based on the requirements of keeping employment, the financial sector, foreign trade, foreign and domestic investments and expectations stable, Industrial and Commercial Bank of China (ICBC) and the Ministry of Commerce of the People’s Republic of China recently signed the Memorandum of Cooperation on Stabilizing Foreign Trade and Foreign Investment and took effective measures to stabilize foreign trade, foreign investment and industrial chain. Specifically, ICBC will focus on the improvement of ten financial services, in order to provide a package of comprehensive solutions for enterprises.

1. Special financing. ICBC will provide a special financing of RMB150 billion for enterprises in terms of foreign trade, foreign investment and global supply chain to stabilize production and operations.

2. Diversified financing service. ICBC will furnish enterprises with diversified RMB and foreign currency financing support by delivering services, including international trade financing, liquidity loans, medium- to long-term project loans and bond issuance, to relieve enterprises’ financial pressure and stabilize the import and export of foreign trade.

3. International settlement service. Supported by services like “ICBC Global Fast Remittance” and “ICBC Remittance Express”, ICBC delivers enterprises involved in foreign trade and foreign investment with full-process cross-border settlement services, ranging from signing import and export trade contracts to production and sales, and from foreign exchange collection of capital account to domestic payment, so as to facilitate cross-border trade and investment.

4. Cross-border RMB financial service. ICBC will attach great importance to develop “ICBC Cross-border Express” and other services to achieve convenient settlement, controllable cost and efficient approval, to provide enterprises with a comprehensive cross-border RMB service integrating settlement, transaction and financing.

5. Professional counseling service of document and trade finance. To solve problems such as undeliverable documents caused by transportation shutdown and other factors due to the epidemic, ICBC launches the global service “Cross-border e-document Link” to guarantee cross-border documents delivery. Meanwhile, professional instruction and counseling services are provided for enterprises to cope with trade risks, follow international practices, determine exchange rate trend and evade trade disputes.

6. Global supply chain service. ICBC makes innovation in cross-border supply chain factoring to offer services, including credit guarantee, receivables management, collection and financing, to enterprises. Diversified credit enhancement services such as overseas loan under domestic guarantee, bid guarantee and performance guarantee are also introduced to help “going global” companies maintain their share in overseas market during the epidemic.

7. Online cross-border financial service. ICBC strives to promote a series of uninterrupted contactless online services, such as Internet banking, mobile banking, Bank-enterprise Interlink, SWIFT direct link, single window, Cross-border e-trade Link and cross-border loan to assist enterprises in dealing with various international businesses efficiently.

8. Global financial market service. ICBC provides efficient, convenient and high-quality services, including quotation for foreign exchange settlement and sale, fund transaction service and product portfolio integrating exchange rate, interest rate, settlement and financing, to help enterprises avoid risks and increase value, and accelerate the resumption of work and production.

9. Global cash management service. ICBC will leverage its advantages in the global cash management platform to meet enterprises’ needs of cross-regional and cross-bank cash management during the epidemic, in a bid to help enterprises improve the efficiency of using global funds and save financial costs.

10. Online global business matching service. ICBC launches the “cross-border negotiation system” which integrates on-site and online negotiation management and cooperation intention follow-up, and adopts the form of remote contract signing, to expand the negotiation scope and improve the success rate of negotiation.