For­eign banks to par­tic­i­pate in CIIE

Shanghai Daily - - TOP NEWS - (Xin­hua)

MORE than 10 in­ter­na­tional banks will join the first China In­ter­na­tional Im­port Expo to be held in Shang­hai from Novem­ber 5 to 10.

Banks, in­clud­ing Stan­dard Char­tered and HSBC, will dis­play their fi­nan­cial ser­vices prod­ucts dur­ing the expo.

Ac­cord­ing to CIIE’s web­site, more than 2,800 com­pa­nies from over 130 coun­tries and re­gions are ex­pected to join the expo. Among the seven ex­hi­bi­tion ar­eas, the ser­vice and trade area will be the high­light. It will gather worldlead­ing lo­gis­tics com­pa­nies, ho­tels, top in­vest­ment in­sti­tu­tions and in­ter­na­tional banks.

“As China’s fi­nan­cial hub, Shang­hai has pro­vided a fa­vor­able busi­ness en­vi­ron­ment and great op­por­tu­ni­ties for for­eign in­vestors and banks,” said Zhang Xiaolei, ex­ec­u­tive vice chair­man and CEO of Stan­dard Char­tered China. “The first CIIE will bring us more chances to sup­port cross-bor­der trade.”

“Dur­ing the expo, we will dis­play four of our fi­nan­cial prod­ucts in­clud­ing short-term trade fi­nanc­ing, cross-bor­der fi­nanc­ing ser­vices, for­eign ex­change risk man­age­ment and re­gional risk man­age­ment,” said Zhang.

“CIIE will be a part of China’s sup­port to eco­nomic glob­al­iza­tion and trade lib­er­al­iza­tion,” said Liao Yi­jian, pres­i­dent and CEO of HSBC Bank (China) Co. “Cross-bor­der fi­nan­cial ser­vices are an in­evitable part of glob­al­iza­tion, and our fi­nan­cial ser­vices will help Chi­nese com­pa­nies go global.”

Over 10 other in­ter­na­tional banks, in­clud­ing DBS Bank, Nanyang Com­mer­cial Bank, Mizuho Bank and Stan­dard Bank, are also look­ing for­ward to join­ing the CIIE. For ex­am­ple, DBS will bring its EN­CORE sys­tem to the expo.

In ad­di­tion to over­seas banks, a num­ber of Chi­nese banks will also join the expo with their tai­lored fi­nan­cial prod­ucts and ser­vices. Bank of China and Shang­hai Pudong De­vel­op­ment Bank will pro­vide the CIIE with fi­nan­cial ser­vices, in­clud­ing pay­ment, for­eign ex­change and fi­nanc­ing for ex­hibitors and buy­ers.

Mean­while, the six-day event bodes new op­por­tu­ni­ties for the world econ­omy, ex­perts and im­porters said yes­ter­day.

As the first state-level im­port expo in the world, CIIE marks the shift in China’s eco­nomic de­vel­op­ment model from ex­por­to­ri­ented to bal­anc­ing im­port and ex­port, said Liu Yingkui, a for­eign in­vest­ment ex­pert at the China Coun­cil for the Pro­mo­tion of In­ter­na­tional Trade Academy.

The Cus­toms and Tar­iff Com­mis­sion an­nounced an im­port tar­iff re­duc­tion on 1,585 in­dus­trial prod­ucts, in­clud­ing ma­chin­ery, parts and raw ma­te­ri­als, from Novem­ber 1, af­ter re­mov­ing tar­iffs for most im­ported medicine in May and cut­ting tar­iffs on au­tos and con­sumer prod­ucts in July. Aver­age tar­iff is down 23 per­cent from last year to 7.5 per­cent.

Ex­pand­ing im­port up­grades for Chi­nese life­styles, mak­ing high-qual­ity prod­ucts world­wide avail­able at com­pet­i­tive prices is part of the think­ing.

Ac­cord­ing to Liu Hong, man­ager of Canada-based Lat­i­tude 50 Ecol­ogy Group, seafood such as salmon, oys­ters and lob­sters from Canada can reach fam­ily ta­bles in China’s first-tier cities within 36 hours, ow­ing to cold­chain lo­gis­tics tech­nol­ogy and China’s trade poli­cies.

“The big tar­iff re­duc­tion on aquatic prod­ucts in July has put us in ad­van­tage in Chi­nese mar­kets,” said Liu.

The expo also serves to find homes for new tech­nol­ogy, as world-lead­ing lathe man­u­fac­tur­ers are sched­uled to de­but a dozen of their lat­est mod­els.

Fo­rums will be held dur­ing the expo aimed at pro­mot­ing eco­nomic and trade di­a­logues be­tween par­tic­i­pat­ing coun­tries. One of the fo­rums un­der plan­ning seeks to set up Chilean clean-en­ergy providers with Chi­nese com­pa­nies, ac­cord­ing to Wu Yuan­feng, an expo staffer.

The expo pro­vides two stan­dard booths free of charge for less de­vel­oped coun­tries in an ef­fort to en­sure di­ver­sity and in­clu­sive­ness of the event.

In the global back­drop of trade pro­tec­tion­ism, the im­port expo is con­sis­tent with China’s long-time ef­fort to seek mu­tual ben­e­fits and ad­vo­cate free trade, said Bai Ming, a re­searcher at the Min­istry of Com­merce. “It shows the world all the trade op­por­tu­ni­ties they may miss when they miss out on the Chi­nese mar­ket.”

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