TIANJIN, Dec. 4, (Xinhua)--China (Tianjin) Pilot Free Trade Zone (Tianjin FTZ) has launched 45 financial innovation projects across the country, giving full play to its platform role in supporting the coordinated development of Beijing, Tianjin and Hebei Province, and serving the Belt and Road Initiative, according to the Office of the Group on Financial Work Coordination of Tianjin FTZ.
The 45 financial innovation projects include overseas direct loans for Chinese enterprises, cross-border borrowing for Chinese enterprises, securitization of the first domestic assets leased in foreign currency, personal cross-border RMB settlement, and 'Blue Sky & Green Water Fund' supporting energy conservation and emission reduction, water and soil pollution treatment.
The Administrative Committee of Dongjiang Free Trade Port Zone of Tianjin released Tianjin FTZ's first case of asset securitization of factoring accounts receivable of leasing companies, providing beneficial reference for leasing companies to liquidize financial leasing assets through asset securitization and promote the development of the financial leasing industry.
In order to solve the problem of financing difficulty and high loan interests faced by domestic small and medium enterprises (SMEs) in recent years, Tianjin Branch of Bank of China (BOC) has brought together domestic and foreign SMEs, and pioneered "BOC Global Cross-border Investment Matchmaking Service for SMEs" and organized cross-border matchmaking trade fairs both in Tianjin and Frankfurt in July, 2017. During the two trade fairs, nearly 700 "one-to-one" negotiations were held, building bridges for small and medium enterprises in Tianjin and the countries along the Belt and Road.
In May 2017, as a lead underwriter, Tianjin Branch of China CITIC Bank successfully issued bonds of 3 billion yuan (about 454.47 million U.S. dollars) in China for its overseas sub-branches. The fund raised through bond issuance was used to finance domestic enterprises. This is the first RMB bond issued in China by an overseas financial institution in Tianjin.
The project of offshore cross-border debt financing launched by Tianjin FTZ Branch of Ping An Bank, focused on a succession of measures to support the development of enterprises in Tianjin FTZ in offshore business, cross-border settlement, leasing factoring, investment banking and other aspects.
Relevant departments would continue to launch financial innovation projects in Tianjin FTZ to maximize the effects of innovation policies, added Li Hong." said Li Hong, Deputy Director-General of Tianjin Municipal Bureau of Financial Affairs.
(Contributed by Wei Hui, edited by Tong Wei)