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Promotion on the Financial Innovation Pilot Work in CMQIP

Nanning, 26 August 2020 –  Consul from Consulate General Office attended the Promotion on the financial Innovation Pilot Work in CMQIP (The Pilot Work) in Nanning. The event was sponsored by the People’s Government of Guangxi Zhuang Autonomous Region, and organized by major local financial institutions, such as the People’s Bank of China, Bank of China, and China-Malaysia (Qinzhou) Industrial Park (CMQIP) Administration Committee. The promotion was set in two locations, namely Nanning and Kuala Lumpur, Malaysia.

 

The Pilot Work was officially approved by the head office of the People’s Bank of China, with the objectives of building Guangxi as a financial gateway targeting ASEAN Member Countries by facilitatory to companies and financial institutions from China and Malaysia, especially those based in or have interest in the investment in the “two countries and twin parks”, in the area of cross-border RMB financing service.

 

According to the local authority, there would be five innovation financial measures to be implemented in CMQIP, namely facilitation of two-way cross-border RMB flow, cross-border RMB interbank financing, RMB loans for China-Malaysia Qinzhou Industrial Park's overseas projects, streamlining of the processing procedure for RMB NRA (Non-Resident Account) in offshore transfer business, and cross-border transfer of domestic credit assets.