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Sunday, May 7, 2017, 18:40

Chinese financial watchdogs vow support for Belt and Road Initiative

By Xinhua
Chinese financial watchdogs vow support for Belt and Road Initiative

BEIJING – Chinese financial watchdogs pledged to offer financial support for the sustainable development of the Belt and Road Initiative ahead of a high-level international meeting.

No single country can afford to finance all the projects alone, and it will take mutual efforts from countries involved in the initiative to offer long-term, sustainable financial support

Zhou Xiaochuan, Governor, People's Bank of China

Funding of projects related to the Belt and Road Initiative should be raised through a market-oriented, sustainable and mutually beneficial investment and financing system, Chinese central bank governor Zhou Xiaochuan wrote in the latest edition of China Finance, a leading industry magazine managed by the People's Bank of China.

No single country can afford to finance all the projects alone, and it will take mutual efforts from countries involved in the initiative to offer long-term, sustainable financial support, Zhou added.

Fang Xinghai, deputy head of China's top securities watchdog, also wrote in the magazine that they will encourage outstanding Belt and Road-related enterprises to go public in China and overseas markets to finance major projects.

China will support banks to optimize their networks in Belt and Road countries and work with other countries to improve cross-border regulation, wrote Wang Zhaoxing, deputy head of the China Banking Regulatory Commission.

READ MORE: Belt, Road not a 'one-man show'

Wang pointed out that Chinese banks should enhance overseas market risk management and report major risks in a timely manner.

Chinese insurers will use their advantages and help finance infrastructure projects that require long-term and massive investment under the initiative while guarding against risks, according to Chen Wenhui, deputy head of the China Insurance Regulatory Commission.

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The Belt and Road Forum for International Cooperation will convene in Beijing from May 14 to 15, with the aim of strengthening partnership on the Belt and Road Initiative and advancing international cooperation for development.

China to issue commemorative coins for Belt and Road Forum

COMMEMORATIVE COINS FOR B&R FORUM

The PBOC will issue a set of gold and silver coins on Monday commemorating the upcoming Belt and Road Forum for International Cooperation on May 14 and 15.

Consisting of one gold coin and two silver, the set will be legal tender in China, the central bank said in a statement.

The front side of each coin features China's national emblem, along with the country name and the year of issuance.

The 3-gram gold coin, with a face value of 50 yuan (US$7.26), features the forum's logo, the Chinese and English names for the forum and lotus decoration on the reverse side.

The 30-gram and 15-gram silver coins, with face values of 10 yuan and 5yuan, will also have the forum's logo and full name in both languages, but with different decoration patterns on the reverse sides, according to the statement.

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