According to the Chongqing Business Management Department of the People's Bank of China, it issued the Construction Plan of New International Land-Sea Trade Corridor Supported by Financial Services recently with 13 other departments including Chongqing Foreign Exchange Management Department of the State Administration of Foreign Exchange, and Chongqing Local Financial Supervision and Administration Bureau. The Plan includes 20 measures for enhancing the capacity and level of Chongqing's financial industry to serve the construction of the New International Land-Sea Trade Corridor (ILSTC).
New Land-Sea Corridor Jiangjin-Qinzhou railway express.
These measures mainly comprise financial services for the construction of infrastructure, logistics networks, and operational organization centers of ILSTC. They aim to enhance the capacity of the financial industry to promote the economic and trade development of ILSTC and raise the cooperation level of ILSTC in financial opening-up.
The Plan calls for the establishment of a financial cooperation mechanism among provinces and cities along ILSTC. These provinces and cities need to strengthen cooperation and coordination in such aspects as project planning, review and rating, and credit management. They are required to invest more in critical areas of ILSTC and its infrastructure projects through ways like syndicated loans and joint financing. They also need to deepen the pilot project of making rail waybills the documents of title, expand the scope of use of railway bills of lading in trade settlement financing services such as an entrusted collection of payment, documentary bills, and international and domestic letters of credit. Besides, they must coordinate with relevant provinces and regions to promote the pilot "one-bill system" for rail-sea multimodal transport. In addition, they should guide financial institutions to increase credit support for the infrastructure construction along ILSTC.
Moreover, these provinces and cities must expand international cooperation with financial institutions in Singapore and other ASEAN countries, and promote financial market connectivity and financial collaboration with these countries.