Chongqing's Cross-border RMB Transactions for Trade and Investment Brought Over 85 Billion Yuan

Chongqing- Chongqing has witnessed significant growth in its private enterprise loans, marking positive feedback on its financial policies and practices. As of September, the growth rate of private enterprise loans exceeded that of all loans by 1.8 percentage points. Meanwhile, the city's small and micro enterprises loans increased by 20.8% year-on-year, according to a press conference held on October 19.

The aerial view of Jiangbeizui. (Photo/ Jiangbei District)

Su Yang, deputy governor of the People's Bank of China Chongqing Branch, highlighted the bank's innovative and intelligent transformations. The bank has integrated a financial service platform encompassing an online loan application, information sharing, and comprehensive service to enhance private small and micro enterprise's financial services.

The online financial service comprehensive platform, Yangtze River Yurongtong, involves bank-enterprise docking, monitoring, information query, and more, now backs over 10,000 private enterprises with loans totaling 100 billion yuan (13.67 billion U.S. dollars). 

Meanwhile, the Yangtze River Lvrongtong green finance big data platform identifies green transformation projects for private enterprises, with green loans reaching 108.56 billion yuan by the end of September, up 49.1% year-on-year.

Further advancements include establishing a cross-border financial service platform integrating trade and transportation data, helping facilitate enterprise financing of 27.02 billion U.S. dollars. This amount places Chongqing at the forefront in Central and Western China and fourth nationally.

Simplify foreign exchange transactions 

Chongqing's commitment to diversified financing has been evident. Through special refinancing and policy support, Chongqing has channeled funds into rural revitalization, science and technology, green transformation, and logistics.

The city also launched a pilot program to simplify foreign exchange transactions for top-tier companies, settling over 49.47 billion U.S. dollars. Moreover, a higher level measure to streamline cross-border RMB transactions for trade and investment brought 85.1 billion yuan in business from January to September.

Li Hongbo, deputy director of the Chongqing Securities Regulatory Bureau, emphasized the pivotal role of the capital market in financial resource allocation. They support Chongqing's private enterprises to raise substantial funds through asset-backed securities (ABS) and additional shares issuance. 

From January to September this year, private enterprises in Chongqing issued 23.55 billion yuan of ABS, and private listed companies issued additional shares to raise 586 million yuan. This year, Chongqing welcomed seven newly listed companies, including six private enterprises, presenting 10.1 billion yuan through IPOs.

Chongqing's strides in private economic growth and diversified financing channel the city's dedication to fostering innovation and growth in the financial sector. The continuous policies and measures signal a robust economic future for the city and its private enterprises.