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Xinjiang and Bank of Beijing cooperate for financial development

( chinadaily.com )

Updated: 2016-08-25

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The government of Xinjiang Uygur autonomous region signed a strategic cooperation agreement with the Bank of Beijing in Urumqi on Aug 22.

The bank has agreed to provide a wide range of financial products worth 100 billion yuan ($15 billion) from 2016 to 2018 to aid the region with infrastructure, rail transit, manufacturing and new energies. The bank will also help Xinjiang with its science and technology, culture, education, medical care and sanitation.

Secretary of Xinjiang’s Party committee Zhang Chunxian spoke highly of the agreement. He said that he looked forward to the contribution of the Bank of Beijing to the financial development in Xinjiang which has been designated as a core region along the Silk Road Economic Belt. Zhang also urged the bank to integrate its specialties with the region’s advantages so as to fully tap local potential.

Yan Bingzhu, the bank’s chairman of the board, promised that the bank will allocate another 20 billion yuan ($3 billion) to help micro and small-sized companies in Xinjiang. He said that the bank will fulfill its responsibilities in implementing the Belt and Road Initiative by boosting its financial ties with the region.

By Miao Jiayu and edited by Peter Nordinger

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