By Mariam Raheem

 

 

QINGDAO, Feb.10, (China Economic Net) - The financial support policies for SCO's new area were released on Thursday together with the launching ceremony of the SCO Demonstration Area (SCODA) cross-border service center.

 

The policy document issued at the time defines the objectives and tasks as well as the related measures and roadmap for the next three years of financial support for SCODA construction. The document's implementation will be critical in hastening the development of the demonstration area, strengthening connectivity between China and the SCO countries, and expanding local currency cooperation among member states.

 

In his speech, Zhang Xinzhu, member of the Standing Committee of the CPC Qingdao Committee, Secretary of the Party Working Committee, and Director of the Administrative Committee of SCODA, highlighted that the SCODA has been deeply committed to opening up and cooperating in the financial sector.

 

According to Zhang, SCODA has introduced 29 bonus and subsidy policies, launched a series of financial service products such as the "SCO E-Loan," piloted the integration of local and foreign currency accounts, etc., providing high-quality financial resources to serve the economic and trade cooperation between the SCO countries and local governments. "We hope that more financial investment institutions and enterprises will choose to join us to share development opportunities," he added.

 

On the site, the Administrative Committee of SCODA signed cooperation agreements with the Institute of Finance and Banking of the People’s Bank of China, the Qingdao Central Branch of the People’s Bank of China, and the CIPS Co., Ltd., respectively, and signed memoranda of cooperation with five financial institutions to strengthen its international financial construction.

 

"In light of the needs of economic and trade cooperation among SCO countries, we will continue to strengthen financial policy support, build a high-quality financial system, improve the financial ecosystem, enhance financial strength, and add impetus to the building of a new platform for international cooperation under the Belt and Road Initiative," Lin Changhua, Deputy Director of the SCODA Administrative Committee, mentioned.

 

Wang Zihai, Pakistan’s Honorable Investment Counsellor in China, comments that these financial policies and measures provide all-round and whole-process support for various business links, such as international logistics, cross-border transactions, and credit insurance, and to a large extent reduce the cost of capital and time, providing a strong guarantee to connect more Pakistani institutions and enterprises.

 

As an important member of SCO and China’s all-weather strategic cooperative partner, Pakistan is one of the major countries using RMB for international trade settlement. Wang said that "the SCODA cross-border service center will provide more options and convenience for trade cooperation between China and Pakistan." "It will help enterprises from Pakistan and other countries explore the international market and attract Chinese investment."