Inner Mongolia sees a surge in cross-border income and expenditure balance

In the first three quarters of this year, North China's Inner Mongolia autonomous region reported a year-on-year increase of 46.6 percent in its cross-border income and expenditure balance, representing a strengthening of its move to open up to neighboring countries in the region.

During this nine-month period, the region's cross-border income and expenditure hit $38.84 billion.

Of that total, RMB cross-border receipts and payments reached 188.41 billion yuan, up 122.5 percent from the corresponding period last year.

In 2023, Inner Mongolia's financial system delivered a "combination punch" to help establish this northern "front line" for opening-up. 

Improvements have also been made to current systems to help enterprises with strong business performances expand their pilot projects and facilitate foreign exchange income and expenditure.

Banks have been encouraged to implement more convenient measures when dealing with foreign exchange income and expenses for creditworthy enterprises.

Simultaneously championing foreign investment in China and encouraging local enterprises to go global, Inner Mongolia has driven steady progress in cross-border investment.

It is also committed to optimizing financial services in port areas. Financial institutions across the region have cumulatively invested 4.5 billion yuan in more than 20 construction projects.