The Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, released a service plan on Tuesday, with the goal of enhancing the integration of domestic and foreign trade through innovative financial services.
Integration of domestic and foreign trade is becoming an increasingly important strategy to promote economic development.
The plan aims to provide comprehensive support for market entities, fostering a seamless connection between domestic and international trade activities.
"First, we are strengthening comprehensive financial services by allocating 800 billion yuan in special credit resources to expedite domestic and foreign trade. Our plan involves leveraging digitalization to enhance one-stop services such as payment settlement and financial planning, thereby boosting enterprises' global resource allocation and stabilizing trade markets and scales," said Liao Lin, chairman of the Board of Directors, ICBC.
"Second, we aim to enhance platform connectivity by leveraging our service network, which covers more than 70 countries and regions worldwide. We will make full use of mechanisms such as the BRICS Business Council and the China-Europe Business Association to optimize the functions of matchmaking service platforms and improve service levels at events like the China International Import Expo, the Service Trade Fair, and the Canton Fair. Third, we are focused on accelerating financial infrastructure construction to address challenges related to cross-border payment security and currency fluctuation. Through the development of innovative financial infrastructure services using our technological advantages and global RMB clearing network, we aim to enhance payment settlement efficiency and ensure transaction and fund security," he said.
China's ICBC unveils plan to strengthen trade integration with enhanced financial support
