BEIJING, May 25 (Xinhua) -- A total of 11 Chinese-funded banks had set up 79 first-class branches in 29 Belt and Road (B&R) countries by the end of 2019 under the guidance and promotion of China's top banking and insurance regulator, reported financialnews.com.cn last Saturday quoting an official from the regulator.
According to the official with the China Banking and Insurance Regulatory Commission (CBIRC), Chinese insurance institutions had also established business offices in Hong Kong, Macao, Singapore, Indonesia among others.
Meanwhile, as of the end of 2019, 48 banks from 23 B&R countries had established institutions in China, including seven corporate banks, 17 branches and 34 representative offices.
Driven by CBIRC, China's financial institutions had also carried out B&R project investment and financing through various methods like cross-border RMB financing and B&R bonds issuance, so as to strengthen cooperation with foreign peers and multilateral international institutions.
Besides, Chinese banks also supported the development of small and medium-sized firms and people's livelihood in B&R countries by providing inclusive financial services.
Efforts were also made to improve cross-border risk management and control capabilities and deepen cross-border regulatory exchanges and cooperation.
As of the end of 2019, CBIRC had signed 120 memorandums of understanding (MOUs) or agreements on regulatory cooperation with 83 countries and regions, and enhanced cross-border regulatory cooperation through bilateral and multilateral dialogues, said the official. (Edited by Gu Shanshan with Xinhua Silk Road, email@example.com)