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S.China Guangxi steps up financial measures to promote construction of new western land-sea corridor

April 13, 2020


Abstract : South China's Guangxi Zhuang Autonomous region recently has facilitated the signing of credit intention or intentional financing agreements between 12 financial institutions and 29 owners of construction projects concerning the new western land-sea corridor, with credit lines of 139.1 billion yuan.

BEIJING, April 13 (Xinhua) – South China's Guangxi Zhuang Autonomous region recently has facilitated the signing of a string of credit intention or intentional financing agreements between 12 financial institutions and 29 owners of construction projects concerning the new western land-sea corridor, with credit lines totaling 139.1 billion yuan, reported Chinanews.com.

The agreements were signed in a conference organized by the region on providing financing service for new western land-sea corridor, a land-sea trade link to support China's western regions in participating in international economic cooperation.

The conference also deployed Guangxi's financial support for the new western land-sea corridor construction. At the same time, contracts of credit intention valuing 65.8 billion yuan were signed between five financial institutions and five related enterprises.

As of October 2019, local authorities in Guangxi have jointly issued 18 supportive financial measures for the corridor's construction, such as increasing credit support, widening financing channels, and expanding the use of RMB for cross-border settlement.

In 2019, Guangxi had granted 352.953 billion yuan of credit and issued 40.367 billion yuan of loans in the construction project of the corridor.

As an essential area of the new western land-sea corridor, these measures taken by Guangxi are aimed at promoting the construction of the corridor and further engaging in the Belt and Road (B&R) construction. (Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)

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Keyword: Guangxi land-sea-channel

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