Beilun Sub-branch of Bank of Ningbo and Beilun Sub-branch of Bank of China successfully registered in the first batch of cross-border transfer business of foreign currency trade financing assets in Ningbo City under the guidance of Ningbo Branch Bureau of State Administration of Foreign Exchange recently, indicating a higher level opening of cross-border trade and investment in Beilun District, a wider market allocation channel of regional financial asset, and a better ability of participation in international market of financial institutions in the district.

In order to better promote the reform and innovation of foreign exchange management, deeply implement the new concept of development, accelerate the the new development pattern of our city for more facilitated trade and investment in Beilun District, Ningbo Branch Bureau of State Administration of Foreign Exchange issued the Implementation Rules for High-Level Opening Foreign Exchange Management Reform Pilot of Cross-border Trade and Investment in Beilun District of Ningbo City of Zhejiang Province this year, expanding subjects of cross-border asset transfer to banks and their agencies, and extending business types to financing assets of bank foreign currencies trade and non-performing loans formed during operation.

The innovation policy fully mobilizes the linkage of “two markets” and “two resources” at home and abroad, effectively reduces the financing cost of enterprises and improves the allocation efficiency of marketized resources of banks. At the same time, banks can release more credit lines, better provide cross-border financing services for high-quality foreign trade enterprises and support the high-quality development of the real economy.

This first batch of two cross-border asset transfer businesses help a garment import and export enterprise and an injection molding machine manufacturer in Ningbo to recover the payment for export letter of credit in advance respectively. The external transfer of trade financing assets enables foreign banks to know more about the operation and business levels of foreign-related enterprises of our city, and lays a foundation for future international development for enterprises.

It is reported that,there have been 11 implemented pilot measures since Beilun became the first batch of high-level opening pilot district for cross-border trade and investment this January, involving 7 capital account reform measures and 4 current account facilitation measures. (Reporter: Cai Xiaoxin; Correspondent: He Yan)