Zhong Guo Jing Ji Wang·2024-10-29 03:42Core Viewpoint - The president of Bank of Communications, Zhang Baojiang, emphasized the importance of the bank's role in supporting the construction of Shanghai as an international financial center and promoting high-level financial openness in China [1] Group 1: Opportunities in Financial Openness - The digitalization and green transformation of global trade present opportunities for institutional financial openness and cooperation, with over 57% of global trade exports being digitally delivered and over 20% being green trade in 2022 [1] - China's cross-border e-commerce import and export scale reached nearly 2.4 trillion yuan in 2023, positioning the country at the forefront of global green trade [1] - The ongoing institutional openness in areas like cross-border data flow requires support from high-level financial openness, which also provides a significant direction for institutional cooperation [1] Group 2: Cross-Border Financial Demand - Chinese enterprises are accelerating their internationalization, leading to increased cross-border financial demand, with foreign direct investment from China growing by 13.2% year-on-year in the first half of the year [1][2] - The bank aims to provide comprehensive services for both inbound and outbound investments, which is a crucial aspect of high-level financial openness in the new era [1][2] Group 3: Renminbi Internationalization - The internationalization of the Renminbi has entered a new phase, with the currency becoming increasingly important in international payments and digital Renminbi making significant progress in application scenarios and cross-border pilots [2] - The bank has a history of collaboration with HSBC since 2004 and has been involved in key milestones in cross-border Renminbi settlement and financial market connectivity [2] Group 4: Services and Innovations - The bank is actively exploring cooperation in digital and green trade, targeting high-standard international trade rules and focusing on areas like cross-border data flow and paperless trade [2][3] - The bank has seen a 166% year-on-year increase in cross-border e-commerce business volume in the first half of the year [2] - The bank is enhancing cross-border investment and financing support through various collaborations, including attracting foreign capital for domestic technology enterprises [2][3] Group 5: Risk Management and Market Connectivity - The bank has been a pioneer in opening up bond markets and has maintained a leading position in settlement and clearing scales, promoting connectivity between Shanghai and Hong Kong markets [3] - The bank emphasizes the importance of cross-border risk management and has established a unified management system to mitigate risks [3] Group 6: Future Directions - The bank plans to deepen cooperation across multiple fields and fully integrate into the broader context of high-level financial openness, contributing to the modernization of China [3]