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The Belt and Road Bankers Roundtable Successfully Held in Beijing

On April 24, the Second Belt and Road Bankers Roundtable hosted by Industrial and Commercial Bank of China (“ICBC”) was successfully held in Beijing. This is the second high-level roundtable among the members of the Belt and Road Inter-bank Regular Cooperation Mechanism (“BRBR Mechanism”) since the Mechanism was initiated by ICBC during the First Belt and Road Forum for International Cooperation. More than 240 representatives from over 80 financial institutions around the world attended the meeting.

Vice President of the People’s Bank of China (PBC) Mr. Chen Yulu pointed out in his keynote speech that since the Belt and Road Initiative was launched, countries had actively responded to and taken part in the financial integration and cooperation , which yielded fruitful results in cross-border economic and trade investment, financial infrastructure connectivity, third-party market development, and construction of green financial systems, and gave full play to the key role of finance in supporting the Belt and Road Initiative. In order to jointly build the Belt and Road of high quality and promote integration, openness and connection of the international market, financial institutions should deepen cooperation, improve the layout of financial service network, seize the great opportunity brought about by the connectivity of financial markets, drive cooperation on capital markets among countries along the Belt and Road. They should also enrich the content of win-win cooperation, meet the construction demands of the third-party market, strengthen risk management, improve cross-border risk management, and build green financial systems to advance green development of the Belt and Road.

ICBC President Mr. Gu Shu said since the First Belt and Road Bankers Roundtable was held in 2017, members of the BRBR Mechanism had adhered to the principle of “joint establishment of the mechanism, shared benefits and responsibilities, and win-win cooperation”, actively promoted pragmatic cooperation in the Belt and Road project financing, transaction bank, and financial market, and achieved fruitful results. The members of the BRBR Mechanism has expanded from 49 financial institutions in 34 countries and regions during the first meeting to 85 financial institutions in 45 countries and regions. ICBC has cooperated with members of the BRBR Mechanism to implement 55 Belt and Road projects with the total amount of loans reaching USD42.7 billion. As the Belt and Road Initiative is more and more widely recognized, and China pursues higher-level opening up, the BRBR Mechanism will strengthen connection of major projects among the members, sharing of financial governance standards, innovation in financial service products, and cooperation in risk prevention and control, so as to provide more stable, diversified and sustainable financial services for the Belt and Road Initiative.