The Banking Regulatory Commission of Sichuan Province has recently issued the Suggestions on Supporting the Construction of Pilot Free Trade Zone in Sichuan Province and specified that the banking and financing organizations in Sichuan should, with focus on the cross-border trade and facilitation of investment and financing, fully promote the innovation on institutions and mechanisms, improve banking services in scientific and technological financing, shipping financing in Yangtze River, and financial lease, and support the construction of Pilot Free Trade Zone in Sichuan.
It is made clear in the Suggestions that, on the basis of current laws, regulations, and policies, the banking industries are supported to establish regional headquarters, professional sub-companies, and franchised organizations in the Pilot Free Trade Zone; it is allowed to set up non-banking financial organizations in accordance with law such as financial companies of enterprises, automobiles, and consumptions, and financial leasing companies. Meanwhile, all banks are required to seek innovation on services, modes, and guarantee methods based on the support from the headquarters, so as to obtain the permission to conduct off-shore business in the Pilot Free Trade Zone.
According to the Suggestions, the banking services will be improved in three major areas in line with the key points in the development of the pilot Free Trade Zone.
First, strengthen the scientific and technological financial services. Sichuan should make active efforts to explore new mechanisms, products, and service modes for scientific and technological companies providing banking services, intensify the support for the financial services and credit of scientific and technological enterprises, and enhance the service qualities of scientific and technological financial services by implementing Credit Plus Equity Investment.
Second, cultivate shipping financial services in Yangtze River. In order to meet the demands of shipping enterprises in South Sichuan Lingang Area, Sichuan should conduct business such as the financing of industrial chain, undergoing shipping projects, and the pledged financing of accounts receivable.
Third, develop the financial lease. The financial leasing companies should, with the industrial policies of the Pilot Free Trade Area as the orientation, be engaged in expanding leasing business in industries including traditional manufacturing, agriculture and machinery, medicine and education, emerging strategic industries, and infrastructure. The financial leasing companies should be encouraged to enhance business in the international market and cultivate overseas financial lease.