China issues guideline to improve financial services for foreign trade

China unveiled a guideline on Dec 26 to further guide banking and insurance institutions in utilizing financial services to stabilize foreign trade.

The guideline was jointly released by the China Banking and Insurance Regulatory Commission, the Ministry of Commerce and the State Administration of Foreign Exchange.

Greater efforts will be made to further regulate the foreign trade-related business of the banking and insurance sectors, the guideline said.

The guideline listed 29 specific requirements, including deepening reform, diversifying product types and strengthening background checks.

It also urged banking and insurance institutions to increase support for foreign trade-related businesses in terms of the management system, resource allocation and capacity building.

Banks were encouraged to boost the integrated development of domestic and foreign trade, Chinese and foreign currency businesses, and domestic and foreign operations, in a bid to satisfy the needs of foreign trade firms to organize production in China, the guideline said.