BEIJING, June 4 (Xinhua) -- Authorities in southwest China's Sichuan Province and Chongqing Municipality recently signed a Memorandum of Understanding (MoU) to strengthen financial cooperation and economic development, reported Sichuan Daily Wednesday.
According to the MoU, the authorities decided to establish a joint credit mechanism and support the banking institutions of the two places to merge credit and loans to enterprises.
Sichuan and Chongqing will continue jointly to build an investment and financing platform to serve the Belt and Road Initiative (BRI), at the same time, strive for the priority of national financial innovation and opening-up pilot policies.
Under the MoU, local corporate financial institutions will be allowed to set up cross-regional branches and have cross-shareholdings within the two places, and a credit information system will be established, according to the relevant person from the local financial supervision department.
The two sides will jointly establish an infrastructure construction fund, an industrial coordinated development fund, as well as a green investment fund.
The MoU also proposes the integration and reorganization of the financial markets, the sharing of financial information, and the strengthening of joint prevention and control of cross-regional financial risks.
(Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)
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