BEIJING, May 3 (Xinhua) -- China's banking industry has accumulatively issued more than 200 billion U.S. dollars of loans to the projects under the Belt and Road Initiative over the past three years, the Financial News quoted the data from the former China Banking Regulatory Commission as saying.
Data shows that in the past three years, Chinese banking institutions have participated in nearly 2,700 projects related to the Belt and Road Initiative.
By the end of 2017, ten Chinese banks had established 68 tier-1 institutions in 26 countries along the Belt and Road routes, including 18 subsidiary banks, 40 branches and 10 representative offices.
It is worth noting that the Chinese banks and foreign banks are intensifying their efforts to jointly build the Belt and Road.
On April 20 this year, Citigroup signed memorandums of understanding on cooperation with Bank of China and China Merchants Bank, respectively. Under the memorandums, the three banks will explore potential cooperation channels in their respective fields, including but not limited to corporate financing, financial products, trade, agent service, trust, capital market, etc., in accordance with the Belt and Road Initiative. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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