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Agricultural Development Bank of China
Industry

AFCA strives to promote financial cooperation under B&R

May 17, 2019


Abstract : Asian Financial Cooperation Association (AFCA), a regional non-government and non-profit organization, has continued its efforts to facilitate financial cooperation under the Belt and Road Initiative.

Photo: The Belt and Road Financial Cooperation Committee of AFCA is established in Beijing, May 10. (Photo provided by the Asian Financial Cooperation Association)

BEIJING, May 17 (Xinhua) -- Asian Financial Cooperation Association (AFCA), a regional non-government and non-profit organization, has continued its efforts to facilitate financial cooperation under the Belt and Road Initiative.

Recently, the Belt and Road Financial Cooperation Committee of AFCA has been officially inaugurated in Beijing, showing the AFCA's determination to further promote the financial cooperation under the Belt and Road Initiative (BRI).

Meanwhile, the Belt and Road Financial Cooperation International Forum 2019 was also held after the inauguration ceremony.

Tian Guoli, chairman of the AFCA, said at the inauguration ceremony that ever since the BRI was put forward, finance has provided stable, transparent and high-quality financial support for Belt and Road development.

Given the fact that the Belt and Road-related investment features high-risk and high-return, the new committee will focus on how to transform the high-risk and high-return investment into an internationalized product, promote the connectivity of capital, and fulfill its social responsibilities. The AFCA will join hands with all sectors of the society, deepen cooperation and accomplish its bridging role, and actively participate in international financial governance to make the international financial governance system more fair, open and transparent and push forward high-quality Belt and Road development, Tan added.

The AFCA will strive to build the committee into an international platform for financial service exchange and cooperation under the BRI in a bid to further optimize financial supply, satisfy financial needs, improve the efficiency of financial cooperation, and guard against related financial risks, according to Pan Guangwei, chief vice chairman of the AFCA.

At present, the committee has owned about 63 members from both home and abroad, including Bank of China (BOC), Astana International Financial Center, the Industrial and Commercial Bank of China (ICBC) and China Economic Information Service (CEIS) of Xinhua News Agency.

As the founding member of the committee, CEIS will give play to its role as a financial media and think tank to further strengthen cooperation with all parties in a bid to better serve global participants of the BRI. Xinhua Silk Road launched by Xinhua News Agency in 2015 and run by the CEIS can provide the BRI participants with comprehensive services such as country report, data, investment and financing information, as well as credit investigation to better join the BRI construction, said Li Yue, vice president of CEIS, who was also elected the deputy director of the Belt and Road Financial Cooperation Committee of AFCA.

Financial leaders, experts and scholars from 16 countries and regions including the United States, the UK, Kazakhstan, UAE, Pakistan, etc. attended the forum, expressing their new ideas, new thinking and new pathways for Belt and Road investment and financing innovation and cooperation.   (Edited by Yang Yifan, yangyifan@xinhua.org)

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Keyword: B&R

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