People's Bank of China: Financial support to speed up the construction of new land and sea corridors in the west and promote the implementation of various measures

The Zhitong Finance App learned that the People's Bank of China held a press conference on December 25, 2025. Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China, said that in the next step, the People's Bank of China will work with relevant departments to implement the various measures of the “Opinion”, do a solid job of improving financial services in the new land and sea corridors, comprehensively raise the level of financial services in the new land and sea corridors, and help form a new pattern of “domestic and foreign linkage, mutual aid between east and west”.

Chen Xinwu, deputy secretary of the Chongqing Municipal Committee and executive vice mayor of the municipal government, explained that currently, the new land and sea corridors in the west have access to 583 ports in 127 countries and regions, transporting more than 1,300 types of goods, and their circle of friends is getting wider and more influential. This time, the People's Bank of China led the country's eight ministries and commissions to jointly issue the first special financial policy document at the national level to support the construction of a new land and sea corridor in the west. It is not only a concrete action to implement the spirit of the 20th Plenary Session of the Party and solidly push forward the construction of a new land and sea corridor in the west, but it will also surely provide strong financial support for the high level of opening-up of mainland regions, including Chongqing, to the outside world.

The transcript is as follows:

Li Kexin, Deputy Director of the General Office of the People's Bank of China and press spokesman

Dear media friends, good afternoon, and welcome to the People's Bank of China press conference. Yesterday afternoon, the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Transport, the Ministry of Commerce, the General Administration of Financial Supervision, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued “Opinions on Financial Support to Accelerate the Construction of New Land and Sea Corridors in the West”. The full text was published on the website. At today's press conference, we are happy to invite Mr. Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China, and Mr. Chen Xinwu, Deputy Secretary of the Chongqing Municipal Committee and Executive Vice Mayor of the Municipal Government, to introduce and interpret the relevant content and situation of the policy and answer everyone's concerns. Also attending the press conference were Mr. Wang Xin, Director of the Research Bureau of the People's Bank of China; Mr. Guo Wuping, press spokesperson of the General Administration of Financial Supervision and Director of the Policy Research Department; Mr. Huang Jianshan, Deputy Director of the China Securities Regulatory Commission's Debt Department; Mr. Chen Zhiwei, Director of the Foreign Exchange Research Center of the State Administration of Foreign Exchange; and Mr. Yao Li, Party Secretary and Governor of the Chongqing Branch of the People's Bank of China. First, ask Vice President Lu Lei to explain the relevant situation.

Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China

Good afternoon to all our reporters and friends. Thank you for your continued attention and reports on financial reform and opening up work and financial services along the new land and sea corridors in the west. I am very happy to attend today's press conference with Deputy Secretary Chen Xinwu of Chongqing and comrades from relevant ministries and departments. The Fourth Plenary Session of the 20th CPC Central Committee proposed “high-quality joint construction of the Belt and Road Initiative” and the “15th Five-Year Plan” plan proposal clearly “accelerate the construction of new land and sea corridors in the west”, clarifying the way forward and providing an action plan for the development of the new corridor in the next five years.

In order to thoroughly implement the spirit of the important instructions on the construction of new land and sea corridors in the west, solidly implement the decisions and arrangements of the Fourth Plenary Session of the 20th CPC Central Committee, and further enhance the quality and efficiency of the new land and sea corridors in the west, recently, eight departments of the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Transport, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the “Opinions on Financial Support to Accelerate the Construction of New Land and Sea Corridors in the West”. The “Opinions” revolve around the main development line of “the channel with logistics, logistics with economy, trade, economy and trade”, and adhere to the main development line., multi-span collaboration, Adapting to local conditions and integrating development, it has proposed 21 key measures in six areas, from improving the organizational collaboration system, strengthening financial communication services, optimizing the convenience of cross-border fund settlement, supporting the digital transformation of channel finance, speeding up financial openness and cooperation, and strengthening channel financial risk prevention and control. It is of great significance in optimizing the new land and sea channel financial service system, gathering momentum for various types of financial development, driving a high level of financial openness along the channel, and serving the real economy with high quality and efficiency.

In the next step, the People's Bank of China will work with relevant departments to push for implementation of the various measures in the “Opinion”, do a solid job of improving financial services in the new land and sea corridors, comprehensively raise the level of financial services in the new land and sea corridors, and help form a new pattern of “domestic and foreign linkage, mutual support between east and west” to the outside world. I'll introduce these first. Now my colleagues and I will be happy to answer your questions.

Li Kexin, Deputy Director of the General Office of the People's Bank of China and press spokesman

Thank you, Vice President Lu Lei. Next, I would like Executive Vice Mayor Chen Xinwu to introduce the relevant situation.

Chen Xinwu, Deputy Secretary of the Chongqing Municipal Committee and Executive Vice Mayor of the Municipal Government

Good afternoon to all media friends! The Fourth Plenary Session of the 20th CPC Central Committee clearly proposed “speeding up the construction of new land and sea corridors in the west.” In recent years, as the logistics and operation organization center of the channel, Chongqing, with strong support from the central government and national ministries and departments, is working with all provinces and regions along the route to promote faster and faster channel construction. Currently, the new land and sea corridors in the west reach 583 ports in 127 countries and regions, and transport more than 1,300 kinds of goods. The circle of friends is getting wider and wider, and its influence is growing. This time, the People's Bank of China led the country's eight ministries and commissions to jointly issue the first special financial policy document at the national level to support the construction of a new land and sea corridor in the west. It is not only a concrete action to implement the spirit of the 20th Plenary Session of the Party and solidly push forward the construction of a new land and sea corridor in the west, but it will also surely provide strong financial support for the high level of opening-up of mainland regions, including Chongqing, to the outside world. We will make every effort to transform the various measures of the “Opinion” into development effectiveness, and inject more financial vitality into the high-quality development of the new land and sea corridors in the west. Thank you all.

Li Kexin, Deputy Director of the General Office of the People's Bank of China and press spokesman

Thank you, Executive Vice Mayor Chen Xinwu. Please ask your questions below.

Xinhua News Agency reporter

May I ask Governor Lu, what positive impact will the publication of the “Opinion” have on the construction of new land and sea corridors in the west?

Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China

Thank you for your question. The new land and sea corridor in the west connects Guangxi Beibu Gulf and the Indian Ocean Sea Route to the south, and connects the ancient Silk Road to the west to the countries of Central Asia directly to Europe. It is a key point of the “Belt and Road”. As far as financial support for the joint construction of the Belt and Road Initiative is concerned, the key is to promote the continuous expansion of financial links, carry out various forms of financial cooperation with relevant countries, and form a well-structured and large-scale financial cooperation network. As China joins the Regional Comprehensive Economic Partnership Agreement, or RCEP, trade ties with ASEAN countries are getting closer, and high-level two-way financial opening-up needs to be accelerated. We should seize the opportunity of building new land and sea corridors, maintain integrity, and make steady progress. In order to implement the decisions and arrangements of the Party Central Committee and the State Council, the People's Bank of China, together with relevant ministries, departments, and provincial, regional and municipal governments along the route, researched and formed the “Opinions”. In the context of complex international geopolitical economy, the publication of the “Opinions” highlights China's determination to “open doors wider and wider”. It is significant and has had a positive impact on building a domestic and international dual cycle of smooth connectivity, and mutual aid between east and west.

The first is to enhance the accuracy and effectiveness of the new land and sea channels for financial services. The “Opinion” focuses on key areas such as channel infrastructure, logistics, industry, commerce, etc., to guide financial institutions to develop characteristic, differentiated and adaptable financial products, provide integrated financial solutions to guarantee diversified financial access and convenient settlement needs of different actors and stages of development; and ensure the real economy along the accurate drip irrigation channel for financial activity through the establishment of a financial digital intelligence service platform.

The second is to promote economic and trade development through open financial service channels at a high level. By optimizing the cross-border settlement facilitation system, the “Opinion” supports domestic financial institutions to deepen proxy clearing and cross-border financing cooperation with Southeast Asia, Central Asia, Hong Kong and Macao regions, actively introduces overseas financial institution organizations, explores and strengthens international cooperation in the fields of digital finance, green finance, etc., promotes connectivity with overseas financial markets along the channel, raises the level of financial institutional openness in the central and western regions, and forms a good pattern of financial, economic and trade development in the western region as a guide.

The third is to establish a cross-domain financial cooperation mechanism to support the integrated development of channels. The new western land and sea corridor covers 12 provinces, regions and cities in western China, as well as Hainan Province, Huaihua City, and Zhanjiang City. It has access to more than 580 ports in ASEAN countries and radiates 127 countries around the world. The characteristics of cross-border cooperation and cross-regional integration are remarkable. The “Opinion” focuses on breaking down regional barriers. It focuses on strengthening financial and physical linkages within provinces, regions, and cities along the route, and “one-point access” joint service networks for domestic and foreign branches, etc., focusing on strengthening financial and entity linkages within provinces, regions, and other countries, cross-border financial cooperation with ASEAN countries along the channel. Coordinate and coordinate at these three levels to promote the collaborative development of “financial one game of chess”, and jointly help construct a new development pattern with domestic and international circulation as the main body and domestic and international dual circulation promotion. That's all I answered, thank you.

CCTV reporter at the general station

My question is addressed to Mayor Chen. We are also concerned that the “Opinion” clarifies a series of facilitation measures in key areas such as channel construction and economic and trade development. What role will these measures play in Chongqing and other provinces, regions, and cities along the route to serve the high-quality development of the new land and sea corridors in the west?

Chen Xinwu, Deputy Secretary of the Chongqing Municipal Committee and Executive Vice Mayor of the Municipal Government

Thank you for your question. Through the main line of “channel belt logistics, logistics belt economy and trade, economy and trade belt industry”, the “Opinion” focuses on major financial service channels, large logistics, large industries, and large markets, and clarifies a series of highly targeted and high-value support policies, which are mainly reflected in four aspects. The first is to provide a strong guarantee for infrastructure construction. Infrastructure such as railways and ports is an important support and core framework for carrying out the strategic function of the channel. Focusing on the financing needs of various infrastructure projects and diverse operators, the document proposes innovative financial support models and financial service products, and will establish a multi-level and diversified financial communication system. For example, the Western Land and Sea New Corridor Fund will be set up in Chongqing to efficiently aggregate international, domestic, state-owned and private capital, etc., to promote equity and debt financing, solve the problems of infrastructure construction and financing for cross-regional industrial development, drive a series of service innovations such as cross-border finance and supply chain finance, and provide strong financial support for the construction of a new land and sea corridor in the west. We also welcome all provinces and regions along the route to participate actively in the Western Land and Sea New Corridor Fund.

The second is to carry out financial innovation to improve logistics efficiency. Promote the deep integration of “finance+logistics”. Focusing on the two key points of cross-border settlement and financing services in channel logistics, deepening innovation in exclusive financial products is conducive to solving pain points such as corporate financing difficulties and slow settlement. For example, speeding up the development of a single type of financial insurance service for multi-city intermodal transport can not only achieve “one entrustment, one insurance, one order to the end”, reduce liability disputes in land and sea intermodal transportation, but also use pledge financing during transportation to speed up corporate capital turnover, thus significantly improving the level of credit availability and insurance coverage for logistics and foreign trade enterprises.

The third is to optimize financial services for the development of industrial clusters. The document encourages financial institutions to support the development of strategic emerging industries such as pillar industries, characteristic industries, and digital industries in regions along the route to promote the transformation and development of the channel economy to “logistics+trade+industry”. For example, based on the innovative comprehensive credit service system of the Channel Industrial Park, integrating multiple services such as project loans, trade financing, settlement, and supply chain finance to provide systematic, customized financial solutions covering the entire life cycle for the industrial park and enterprises entering the park will help accelerate the development of parks along the channel, and more new forms of integrated industrial and financial development will emerge.

Fourth, it is to provide inclusive financial services for the development of commerce and trade. Currently, various logistics nodes along the channel have gathered a large number of small, medium and micro commercial enterprises. These enterprises are not only participants in the construction of the channel, but also a source of vitality for the efficient operation of the channel. The document supports financial institutions to develop special financial products suitable for micro, small and medium-sized commercial enterprises. It will greatly enhance the timeliness and convenience of financing for these enterprises, clear the capillaries of channel development, and promote smooth circulation and vigorous development of nodes along the route. Next, Chongqing will work with all provinces and regions along the route to fully implement the various measures of the “Opinion” into all areas of channel construction, benefiting various market players and supporting the channel to better achieve a high level of openness and high-quality development. I'll just introduce these, thank you all.

Reporter at Pengpai News

Can you briefly introduce the main highlights of the various initiatives in this “Opinion”?

Wang Xin, Director of the Research Bureau of the People's Bank of China

Thank you for your question. The “Opinion” includes three parts: general requirements, main tasks, and safeguards. The main tasks include six aspects. The first is to improve the financial organization collaboration system, including promoting financial institutions to increase overall support for financial resources, strengthening internal and external financial linkages, and introducing overseas financial institutions and organizations. The second is to establish a high-quality financial access system, guarantee the supply of capital for channel infrastructure, deepen innovation in financial products, provide characteristic financial services, and enhance the inclusiveness of financial services in the commercial and trade sector. The third is to promote institutional reform and innovation, optimize the fund settlement facilitation system, and deepen a package of financial and foreign exchange reforms focusing on the facilitation of cross-border trade investment and financing for enterprises and expanding the cross-border use of RMB. Fourth, support the construction of a digital intelligence financial service platform to serve the new land and sea corridors in the west to provide enterprises with “one-stop” comprehensive services in terms of cross-border settlement and financing, digital intelligence empowerment, and cross-domain collaboration. Promote a shared platform for cross-border financial services. The fifth is to improve the open financial cooperation system for the new land and sea corridors in the west, explore domestic and foreign financial market connectivity, and deepen international cooperation in digital finance and green finance. The sixth is to deepen cross-border financial supervision and collaboration across provinces, establish a financial risk prevention and control system compatible with channel development, and standardize the financial order.

The “Opinion” has four main highlights. The first is to focus on collaborative regional development. The new land and sea corridor in the west involves “13+2" provinces, regions and cities in the east, central and western regions, integrating diverse economic characteristics such as inland, coastal, and border trade. The “Opinion” not only focuses on the common needs of regions along the route in terms of financing support, cross-border settlement, and digital intelligence empowerment, but also supports different provinces, regions and cities to develop special financial services according to local conditions. Examples include strengthening Chongqing's position and function as the center of the channel operation organization and deepening cross-border financial cooperation with ASEAN.

The second is to strengthen institutional openness and innovation. Under the premise that risks are manageable, the “Opinion” provides more efficient and convenient settlement and investment and financing services for channel enterprises to “go global” through institutional reforms and innovations. For example, support multinational companies' domestic and foreign currency integrated capital pool business pilot projects in regions where conditions are available to help multinational enterprises allocate and manage domestic and foreign capital more efficiently and reduce financial operating costs. Further promote pilot RMB settlement facilitation projects for higher-level trade and investment, support RMB settlement by foreign trade enterprises, and save exchange costs.

The third is to strengthen digital intelligence capabilities. The “Opinion” proposes integrating information such as cargo flow and capital flow along the channel to promote the transformation of data element value into the effectiveness of financial services. For example, it supports the construction of a digital financial service platform that specifically serves the western land and sea, and connects with “single windows” for international trade and government service platforms in provinces, regions, and cities along the route to explore solutions to “system barriers” and “data silos” problems across borders and provinces along the route.

Fourth, strengthen open leadership. The “Opinion” grasps new trends in international cooperation such as digital finance and green finance, and innovates to drive a high level of financial openness in the central and western regions. For example, supporting provinces, regions, and cities along the channel to participate in multilateral central bank digital currency bridge projects to promote the use of central bank digital currency for cross-border payments; supporting the establishment and application of green finance standards, green finance products, and financial support for green technology by relying on the China-Singapore Green Finance Working Group mechanism. That's all I said, thank you.

Hong Kong Economic Report Reporter

In 2022, the General Administration of Financial Regulation officially launched a pilot financial service for railway transport documents. Provinces and cities along the new land and sea corridors in the west were included in the pilot project. Can you introduce the results of the pilot and next work plans?

Guo Wuping, press spokesman for the General Financial Supervisory Authority and director of the Policy Research Department

Railway transport document financial services are an important part of domestic and foreign trade financial services. They are an important force in supporting enterprises to explore diverse markets and develop land trade. They are naturally compatible with the development positioning and superior location conditions of the new land and sea corridors in the west. Since the launch of the pilot, relevant provinces, cities and financial institutions have carried out solid work, with remarkable results. First, the product system is improving. Major banks, joint stock banks, and local legal banks have all implemented railway transportation document financial services, covering major trade finance product categories such as international settlement, letter of credit issuance, accounts receivable/payable financing, and freight loans. Policy and commercial insurance institutions provide risk protection for enterprises receiving orders and goods in transit through export credit insurance, cargo transportation insurance, etc. In credit management, banks and insurance institutions give full play to the functions of railway transport documents such as trade background authenticity review, cargo control, and risk mitigation, comprehensively evaluate enterprise qualifications, provide enterprises with more support and concessions in terms of credit lines, products and services, loan terms, interest rates, etc., and actively meet the effective financial needs of enterprises.

Second, business exploration is progressing steadily. Financial institutions seize pilot opportunities, release policy dividends, actively optimize and improve products and services, and continuously improve the quality and efficiency of trade finance services. For example, some banks rely on blockchain technology to build information platforms to provide enterprises with online settlement and financing services on the premise of effectively verifying the authenticity of trade information. Some banks have strengthened cooperation with China Railway Group and launched the “Logistics Finance” section on the Railway Freight 95306 platform to provide enterprises with services such as freight loans, letter of credit opening, and financing. Some banks have also introduced third-party warehousing supervisory authorities to control goods throughout the process and consolidate the risk control foundation for railway transport document application scenarios.

Third, the policy environment continues to be optimized. As the pilot continues to advance, relevant localities and departments have taken active action to strengthen collaboration and further consolidate the foundation of the pilot. In order to better support the development of land trade, the General Administration of Financial Supervision has guided the Chongqing Financial Supervisory Authority in conjunction with the Port Logistics Office of the Municipal Government, the Municipal Commission of Commerce and other units to establish a “Cross-border Easy Integration” financial service platform and launched a single window for international trade in China (Chongqing). Through advanced technology such as big data and private computing, the platform helps financial institutions to conduct a comprehensive assessment of the credit status and operating data of domestic and foreign trade enterprises, so that enterprises can obtain more accurate financing, insurance and other services. The pilot has become an important vehicle for relevant localities and departments to forge consensus, deepen reforms, and develop services.

The “Opinions on Financial Support to Accelerate the Construction of New Land and Sea Corridors in the West” jointly issued by several departments this time clearly states that local authorities are encouraged to deepen pilot financial services for railway transport documents in line with demand. In the next step, the General Administration of Financial Supervision will continue to strengthen policy guidance, supervision and supervision, promote railway transportation financial document services as characteristic financial products to support trade development, and better help enterprises operate and operate. The first is to further enrich product services and expand application scenarios. Encourage financial institutions to further explore the financing and credit enhancement functions of railway transport documents, and continuously optimize, improve and make good use of products and services such as active settlement, trade financing, freight financing, movable property pledge financing, domestic trade credit insurance, export credit insurance, freight insurance, liability insurance, etc., to meet the diversified financial needs of enterprises. Banks are supported to provide movable property pledge financing services such as warehouse receipt pledge financing, based on goods stored in warehouses after arrival and corresponding warehouse receipts. Encourage financial institutions to break the boundaries of domestic and foreign trade, extend relevant experience and practices in the field of foreign trade to the field of domestic trade, further broaden service scenarios, and help enterprises develop domestic and foreign trade in an integrated manner.

The second is to strengthen work connections. Continue to support all regions to make good use of the role of special foreign trade classes to support the financing coordination working mechanism for small and micro enterprises, encourage financial institutions to rely on enterprise lists and platform information such as “Easy Credit” provided by the mechanism, strengthen visits and mapping, dig deeper into trade customers, and expand the coverage of financial services.

The third is to strengthen risk prevention. Financial institutions are urged to focus on the uniqueness and transferability of railway transport documents as proof of delivery to ensure effective control of goods. At the same time, financial institutions are encouraged to strengthen the interface with railway carriers, freight agents, warehousing and logistics companies with relevant systems and platforms, quickly transfer information on verification documents, strengthen monitoring of cargo conditions, and promote stable and far-reaching financial services for railway transport documents. Thank you.

China Securities News Reporter

What are the capital market's policies and measures to support speeding up the construction of new land and sea corridors in the west?

Huang Jianshan, Deputy Director of the Bonds Department of the China Securities Regulatory Commission

Thank you for your question. The Securities Regulatory Commission resolutely implements the major decisions and arrangements of the Party Central Committee and the State Council on speeding up the construction of new land and sea corridors in the west, continues to strengthen multi-level capital market construction, strongly supports the use of diversified market-based financing channels such as exchange market stocks, corporate (enterprise) bonds, asset securitization (ABS), and real estate investment trusts (REITs), helps build a new land and sea channel financial service system in the west, giving full play to the functions and role of large capital market service channels, large logistics, large industries, large platforms, and large markets. First, in terms of the stock market. Actively support the issuance and listing (IPO), refinancing, mergers and acquisitions of eligible enterprises in provinces, regions, and cities along the new land and sea corridors in the western region to help enterprises grow bigger, better and stronger. Up to now, there are more than 650 A-share listed companies in provinces, regions and cities along the channel. In the first 11 months of this year, the Shanghai and Shenzhen-North Stock Exchange supported the initial listing (IPO) of 4 companies along the channel, raising nearly 7 billion yuan; supported the refinancing of 17 online companies along the channel, raising nearly 25 billion yuan in capital; and supported more than 300 mergers, acquisitions and restructuring of online companies along the channel, which strongly supported the construction of new land and sea corridors in the west and regional economic development along the route.

Second, in terms of the bond market. In the first 11 months of this year, the exchange market supported enterprises in provinces, regions and cities along the channel to issue a total of nearly 700 billion yuan of corporate (corporate) bonds, supporting the broadening of financing channels and reducing financing costs, and helping to increase the proportion of direct financing. At the same time, the exchange market strongly supports eligible technology-based enterprises and other entities along the channel to issue science and technology innovation bonds to help develop new quality productivity. Since the introduction of science and technology innovation bonds in 2021, the exchange market has issued more than 2 trillion yuan of science and innovation bonds. Of these, enterprises in provinces, regions and cities along the channel have issued more than 260 billion yuan in science and innovation bonds. At the same time, the exchange market is vigorously developing special types of bonds such as green bonds, rural revitalization bonds, micro, small and medium-sized enterprise support bonds, and “Belt and Road” bonds to support diversified market-based financing for various types of enterprises along the channel.

Third, the asset securitization (ABS) aspect. The exchange market actively supports eligible companies along the new Western Land and Sea Corridor through the issuance of ABS financing. In the first 11 months of this year, enterprises in provinces, regions and cities along the channel issued more than 160 billion yuan of ABS. Asset types include infrastructure charges, CMBS, and microfinance.

Fourth, in terms of the REITs market. The exchange market actively supports eligible Western Land and Sea New Corridor projects through the issuance of REITs for financing. Up to now, 24 transportation facilities, warehousing and logistics projects have been promoted to issue REITs, with a financing scale of nearly 100 billion yuan, and a total investment of more than 500 billion yuan in new projects driven by recovery capital. Among them, relevant enterprises in provinces, regions and cities along the channel have issued and listed 13 REITs products, with a financing scale of more than 30 billion yuan, covering various types of assets such as industrial parks, warehousing and logistics, energy facilities, consumer facilities, etc., to effectively support the construction of new land and sea corridors in the west. Furthermore, the Securities Regulatory Commission is steadily promoting commercial real estate REITs pilot projects to provide diversified channels for commercial real estate revitalization and financing.

In the next step, the Securities Regulatory Commission will thoroughly implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the spirit of the Central Economic Work Conference and the Central Financial Work Conference, resolutely implement the spirit of the series of important speeches on the construction of new land and sea corridors in the West, earnestly implement the requirements of the “Opinions on Financial Support to Accelerate the Construction of New Land and Sea Corridors in the West”, continue to deepen comprehensive capital market investment and financing reforms, improve the inclusiveness and adaptability of the capital market system, and support various actors to comprehensively use the advantages and characteristics of equity financing, bond financing, and asset revitalization tools to promote capital formation, better empower the high-quality development of the real economy, and further develop good capital The functional role of the market in serving the construction of new land and sea corridors in the west. Thank you!

Securities Times Reporter

We note that the “Opinion” mentions supporting settlement and investment and financing facilitation. What are the measures of the State Administration of Foreign Exchange?

Chen Zhiwei, Director of the Foreign Exchange Research Center of the State Administration of Foreign Exchange

Thank you for your question. The State Administration of Foreign Exchange attaches great importance to and actively supports the construction of new land and sea corridors in the west. The “Opinion” system integrates pilot reform policies in the fields of cross-border settlement, investment and financing to create a “more convenient, more open, safer, and smarter” foreign exchange policy environment for the channel's economic and trade development. It is mainly reflected in the following three aspects: First, in terms of cross-border trade settlement, efforts are being made to build a “more honest and more convenient” foreign exchange service environment. In order to meet the efficient and secure cross-border settlement needs of enterprises along the channel, we have introduced five specific measures: the first is to encourage enterprises along the channel to join pilot projects to open up cross-border trade at a high level, so that high-quality enterprises can take the lead in enjoying convenient settlement. The second is to support the development of pilot local and foreign currency integrated capital pool operations for multinational companies to facilitate the more efficient allocation and use of capital by multinational companies. The third is to actively adapt to the economic and trade characteristics of the channel and support the development of new trade formats such as procurement trade and cross-border e-commerce along the channel to easily process remittance payments. Fourth, support banks to independently handle a new type of cross-border fund settlement for offshore trade with real compliance for high-quality enterprises along the channel. Fifth, domestic enterprises carrying out contracted projects along the channel are supported to set up centralized overseas fund management accounts to centrally manage and allocate overseas contracted project funds across countries and regions. These measures will significantly improve the efficiency of cross-border settlement for enterprises along the channel and reduce trade settlement costs.

Second, in terms of cross-border investment and financing, we will continue to simplify business processes and broaden corporate financing channels. Focusing on the diversified cross-border investment and financing needs of enterprises along the channel, the State Administration of Foreign Exchange aims to promote the efficient flow of cross-border capital and reduce institutional transaction costs, and promote the convenience of cross-border investment and financing for enterprises along the channel from three aspects. In terms of “introduction”, the registration of early foreign direct investment expenses has been abolished, the domestic reinvestment process of foreign-invested enterprises and the facilitation of payment of foreign exchange income for capital projects has been optimized, and a more convenient payment environment is provided for foreign investment participation in the construction of channels. In terms of “going global”, restrictions on the scale of upfront expenses for foreign direct investment have been relaxed, and industries with channel advantages will be supported to expand the international market. In terms of cross-border financing, in regions where conditions are available, eligible non-financial enterprises are allowed to directly register foreign debt with banks, support the facilitation of cross-border financing for eligible high-tech, specialized, and technology-based SMEs, and broaden corporate financing channels. In the future, we will also support enterprises along the channel to launch green foreign debt and qualified overseas limited partner pilot projects to provide better foreign exchange services for channel infrastructure construction, industrial transformation and upgrading, and enterprises “going global”.

Third, in terms of strengthening the empowerment of digital intelligence, promote the joint construction and use of cross-border financial service platforms in regions along the channel. The State Administration of Foreign Exchange has always used the construction and application of cross-border financial service platforms as an important vehicle to support the high-quality development of new land and sea corridors. At present, a total of 13 scenarios have been applied in the “13+2" provinces (districts and municipalities) along the channel. Among them, Chongqing launched the only “New Western Land and Sea Corridor” exclusive scenario in the country, which has served more than 800 enterprises in financing and settlement of nearly 6 billion US dollars, significantly reducing enterprise transaction costs and time costs. Relevant experiences have been successfully replicated and promoted in Guangxi and Shaanxi. We will continue to deepen the co-construction and sharing of cross-border service platforms in regions along the channel: first, continue to enrich and improve national scenarios, expand credit data sources, and improve ease of operation; second, support the provinces (districts, cities) along the route to innovate and develop more local characteristic scenarios to accurately and target regional economic and trade development; third, promote the replication and sharing of existing mature scenarios in “13+2" provinces (districts and cities) in other regions along the route to form scientific and technological synergy.

In the next step, the State Administration of Foreign Exchange will implement the decisions and arrangements of the Party Central Committee and the State Council, closely focus on the construction needs of a new land and sea corridor in the west, steadily push forward the implementation and effectiveness of various foreign exchange facilitation policies, continuously optimize foreign exchange services, strengthen risk prevention and control, and provide more solid foreign exchange services for the high-quality development of the channel. Thank you all!

Chongqing Daily reporter

As the logistics and operation organization center for the new land and sea corridors in the west, how effective was the People's Bank of China in providing financial support to speed up the construction of the new land and sea corridors in the west in the early stages? What are your plans for next work?

Yao Li, Party Secretary and Governor of the Chongqing Branch of the People's Bank of China

Thanks for asking. Earlier, under the guidance of departments such as the People's Bank of China, the State Administration of Foreign Exchange, and the support of the Chongqing Municipal Committee and Municipal Government, the Chongqing branch of the People's Bank of China, together with relevant departments and financial institutions, acted actively to focus on promoting eight landmark achievements in financial support for the opening of new land and sea corridors throughout the western region.

First, establish a “one center” and build a new hub for cross-domain linkage. The physical construction of a new land and sea channel financial service center will provide five functions, including financial policy services, digital financial operations, and cross-domain financial cooperation. Linking provinces, regions and cities along the route internally, connecting ASEAN countries to the outside world, forming an important vehicle for serving inland openness, an important position for deepening financial reform and innovation, and an important gripper for integrating and upgrading channel financial services.

Second, build a “one system” and restructure the new cross-border finance ecosystem. Focus on the financial needs of international shipping trade, innovatively build a “double pillar” service system for digital cross-border settlement and financing of shipping trade, and use 21 digital scenarios to provide more efficient, lower cost and more fully functional financial services for international shipping trade.

Third, build “one platform” and build new digital finance facilities. Through new technologies such as blockchain and big data, we will create a comprehensive hub digital financial service platform integrating “cross-border settlement - financing and credit enhancement - hub service” to form a general gateway for cross-border digital financial services, a general platform for innovation and incubation of financial scenarios, and a general hub for radiating channel financial services.

Fourth, establish a “set of rules” to consolidate a new foundation for collaborative development. Unify channel finance certification rules and monitoring standards, formulate guidelines for multimodal transport bill of lading pledge financing, launch financial support biodiversity initiatives, promote mutual recognition of high-quality cross-border RMB enterprises across provinces, and promote common recognition of channel financial services with the same origin, same standard and connectivity.

Fifth, implement a “series of support policies” to lead a new pattern of inland opening-up. The 10-billion-level “Chongqing Integration” policy tool support plan was innovatively launched. Four credit support plans were implemented around key areas such as channel infrastructure, logistics, industry, commerce, etc., and more than 30 cross-border financial reform policies were implemented to push the city's channel-related financing balance to exceed 730 billion yuan, and the foreign-related income and expenditure of the channel-accessible countries and regions exceeded 100 billion US dollars.

Sixth, promote “one bank, one innovation” and upgrade the new supply of financial services. Chongqing formed a new land and sea channel financial service consortium in the west, established a “one bank, one innovation” mechanism, innovatively launched more than 30 types of special financial products such as “channel e-finance” and “channel enterprise loan”, expanded the use of RMB across borders with the channel, and formed a channel financial services spectrum that is in full bloom and matches supply and demand.

Seventh, launch a “batch of key scenarios” to enable a new integrated hub engine. Chongqing pioneered the exploration of railway bill of lading and waybill financing services in the country, and landed the “one single system” bill of lading movable property pledge financing business, letter of credit business, etc. in the new land and sea corridors in western China, and has become a practical source and strong promoter of the United Nations Convention on Negotiable Goods Documents. Focus on Chongqing vehicles going overseas, cross-border e-commerce, etc. to create characteristic financial service scenarios, and support tens of thousands of businesses and enterprises along the channel to deeply integrate into the global industrial chain and value chain.

Eighth, achieve “a breakthrough” and open up a new digital renminbi cross-border payment path. Relying on the multilateral central bank digital currency bridge and the Sino-Singapore bilateral digital yuan pilot project, we are promoting the digital yuan to achieve new breakthroughs in cross-border settlement, bringing a new “instant payment” settlement experience to enterprises.

Next, we will focus on the implementation of the “Opinions”, work with relevant departments to study Chongqing's supporting implementation plans, give full play to the role of “one system, one platform, one center”, build a high-quality financial communication system, integrate stock and incremental financial reform policies, strive to create more recognizable and iconic financial achievements, and promote financial services in the new land and sea corridors in the west to achieve greater results. Thank you.

Financial Times Reporter

This “Opinion” covers multiple departments and regions. How can cross-regional and multi-sector financial support policies be implemented? What are the People's Bank of China's considerations?

Lu Lei, member of the Party Committee and Deputy Governor of the People's Bank of China

Thank you for your question. As you mentioned earlier, I have mentioned before that the new land and sea corridors in western China cover 12 provinces, regions and cities in western China, as well as Hainan Province, Huaihua City, and Zhanjiang City. Many infrastructure and economic, trade and logistics projects span provinces and even countries. In terms of financial policy, better coordination is needed to achieve quality and efficiency in all aspects.

The People's Bank of China will work with relevant departments, provinces, regions and municipalities to explore the establishment of working mechanisms for vertical integration, horizontal linkage, division of labor and collaboration, and mutual support to promote the detailed implementation of the “Opinions”.

The first is to support and promote deepening cooperation between provinces, regions, and cities along the route. Last year, in Chongqing, we held a special meeting of provincial, regional and municipal People's Banks along the route to support the speeding up construction of new land and sea corridors in the west, signed a “13+2" memorandum of cooperation between provincial, regional and municipal People's Banks, and established a cooperation and coordination mechanism. After the “Opinion” is issued, we will guide provincial, regional and municipal branches of the People's Bank of China along the route to strengthen policy, information, and data sharing, further strengthen exchange and mutual appreciation mechanisms, coordinate and resolve financial service issues, study and form unified channel financial rules and standards throughout the region, and form joint efforts at the working level of green finance, digital finance, and inclusive finance. Build a digital financial service platform, promote the interconnection of financial infrastructure, promote the integration of information such as cargo flow and capital flow across provinces, regions, and cities, and drive economic development, employment, and the gathering of new productivity factors.

The second is to strengthen collaboration between finance and various industry departments. Support financial management departments in provinces, regions and municipalities along the route to actively cooperate with relevant departments of the local government and fully mobilize the forces of financial institutions to form joint efforts. Actively strengthen policy coordination and information sharing in real fields such as finance and industry, foreign trade and trade, and enhance development synergy. Promote the establishment of “two banks and one list”, such as a library of major projects published in the channel, a list of key logistics enterprises and logistics parks, and a list of channel-related enterprises, etc., to strengthen diversified guarantee support for the financing and settlement facilitation needs of enterprises included in the list. Strengthen fiscal and financial linkages, and encourage and support regions that are in a position to do so to explore financing and financial innovation in key areas and weak links in channel development in the form of financing interest rates and risk sharing.

The third is to strengthen the closed-loop management mechanism for channel financial services. Establish a reporting and evaluation mechanism for dynamic monitoring reports on financial service channels, track and evaluate the service effectiveness of each province, region, and city, and incorporate evaluation results into mechanisms such as credit policy-oriented evaluations, bank foreign exchange compliance and prudential management evaluations, to guide more financial resources to speed up support channel construction. Financial institution heads and headquarters will increase support for provinces, regions and cities along the route in terms of internal work organization, resource coordination, reform, innovation and empowerment. At the same time, we must coordinate development and security, adhere to the law and regulations, have manageable risks, and firmly adhere to the bottom line that systemic financial risks do not occur.

Economic Daily Reporter

How will Chongqing proceed with the implementation of the “Opinion” next? What are the considerations for financial support for the development of new land and sea corridors in the west?

Chen Xinwu, Deputy Secretary of the Chongqing Municipal Committee and Executive Vice Mayor of the Municipal Government

Thank you for your question. Deepening financial services through the new land and sea corridors in the west requires the joint efforts of financial management departments, all provinces and regions along the route, major financial institutions and all sectors of society. As the logistics and operation organization center for the new land and sea corridors in the west, Chongqing will implement it from four aspects.

The first is to improve working mechanisms and promote implementation of policies. We will introduce supporting implementation plans around key areas such as financing settlement, digital intelligence empowerment, and cross-domain collaboration to ensure that every policy in the “Opinion” has a foothold, responsible person, and schedule. At the same time, policy implementation is also inseparable from the active participation of financial institutions. We will push financial institutions in Chongqing to establish special work classes, refine service measures, and make good use of the “13+2" provincial, regional and municipal People's Bank of China joint service mechanism, so that policy dividends can benefit all types of enterprises to the greatest extent.

The second is to highlight cooperation and sharing to gather the vitality of channel development. Accelerate the construction of the new land and sea channel financial service center as an entity, work with all parties along the route to enhance the channel's financial service capabilities, and build a financial brain and resource hub that serves the entire channel. At present, we have formulated a plan for the construction of a new land and sea channel financial service center, which is scheduled to be officially put into operation at the beginning of next year. At that time, we will rely on the center to promote joint cooperation between provinces, regions and domestic and foreign financial institutions along the route, jointly build a unified directory, policy bank, product bank, database and results database, explore and develop cross-border credit reporting cooperation, and further enhance the synergy in the construction of financial service channels along the route and at home and abroad.

The third is to focus on service priorities to better meet the needs of enterprises. Financing and settlement are two major priorities in the development of financial service channels. Previously, we innovated and launched financial products such as “Channel e-Finance” and “New Land and Sea Channel Loans” to provide enterprises with low threshold, low cost, and convenient cross-border financing and settlement services. We will continue to optimize our services to further enhance the company's sense of attainment. For example, in terms of financing, make good use of channels and resources such as loans, bonds, stocks, and foundations in an integrated manner to build a diversified financing service system covering key areas of the channel and the entire chain. In terms of settlement, we will seek the implementation of more cross-border financial reform pilot policies, continue to expand the use of cross-border RMB and digital yuan, and amplify the integrated benefits of the “financial+industry” channel.

Fourth, strengthen digital empowerment and improve the quality and efficiency of channel finance development. In order for enterprises to enjoy the convenience of financial digitalization, we have relied on the “Digital Chongqing” construction to establish a digital cross-border settlement financing service system and build a digital financial service platform in Chongqing. We will continue to accelerate the development and launch of new application scenarios, strengthen the exploration of innovative, differentiated and characteristic financial services around the actual needs of Chongqing vehicles going overseas, cross-border e-commerce, commodities, etc., accelerate the construction of “functional, easy to use, and love” digital financial infrastructure, and continuously improve the quality and efficiency of financial service channel development.

Li Kexin, Deputy Director of the General Office of the People's Bank of China and press spokesman

Due to time constraints, today's press conference has come to an end. Thank you to all the guests. 2025 is coming to an end. Over the past year, the People's Bank of China has strengthened policy publicity and interpretation through various forms such as press conferences. President Pan Gongsheng and other business leaders attended various press conferences many times to respond to social and market concerns in a timely manner. I would like to take this opportunity to thank all the reporters and friends for their attention and coverage of the central bank. I wish everyone a happy new year in advance. We will see you next year. Thank you.

This article was edited from: WeChat account of the People's Bank of China; Zhitong Finance Editor: Chen Xiaoyi.