China-ASEAN Financing Forum for Infrastructure Interconnection Held in Nanning

The China-ASEAN Financing Forum for Infrastructure Interconnection, co-hosted by the People’s Government of Guangxi Zhuang Autonomous Region and CDB, kicked off on December 8, 2017 in Nanning, capital of Guanxi Zhuang Autonomous Region. Ding Xiangqun, Vice Chairman of the people’s government of the autonomous region, gave a speech at the forum. Hu Huaibang, Chairman of CDB, sent a congratulatory letter for the forum and Zhou Qingyu, Executive Vice President of CDB, delivered a speech at the forum. The forum was attended by officials from 17 financial institutions and relevant departments of the autonomous region, including representatives from the Bank Islam Brunei Darussalam, Canadia Bank, PT. Bank Mandiri (Persero) Tbk, Bank Tabungan Negara, Lao Development Bank, CIMB Investment Bank Berhad, Myanmar Foreign Trade Bank, Myanma Investment and Commercial Bank, BDO Unibank Inc., DBS Bank Ltd., United Overseas Bank, OCBC Wing Hang Bank Limited, Bangkok Bank, Bank for Investment and Development of Vietnam, Public Bank (Vietnam), CIMB Securities(HK) Limited, and the Silk Road Fund.

According to Ding Xiangqun, as the only provincial-level region in China that connects with the ASEAN countries by land and sea, Guangxi is now building a financial gateway towards the ASEAN as an effort to fulfill the “Three-Positioning” mission proposed by President Xi Jinping while facilitating the deepened cooperation along the Belt and Road. Infrastructure interconnection is the foundation of cooperation, where financing is a prominent challenge. He suggested that the parties should jointly build a communication platform and a cooperative mechanism to facilitate the effective connection between the China-ASEAN Interbank Association and various financing resources in the region, and to jointly improve the safeguard system of finance.

As noted by Hu Huaibang in his congratulatory letter, China and the ASEAN countries are not only good neighbors, geographically and culturally, but also are in a community of shared future in close cooperation for peaceful development. Infrastructure interconnection, as a priority area in the deepened China-ASEAN cooperation, on which the regional economic integration relies, has become an important part of the vision for China-ASEAN’s cooperation in the new era. CDB highly values the international cooperation in the ASEAN regions, and will fully play the unique role as a financial institution in building the infrastructure interconnection, while promoting the benefit brought by financial development to people in China and ASEAN.

According to Zhou Qingyu, CDB has supported a series of major projects in infrastructure construction, capacity cooperation, financial cooperation and people’s livelihood in ASEAN countries. The financial support for China-ASEAN infrastructure interconnection is showing a remarkably promising future. He suggested that financial institutions of all countries involved should make joint efforts to advance bilateral and multilateral financial cooperation through the established inter-governmental mechanisms to build a long-term, stable and sustainable financial cooperation mechanism.

The forum featured a themed discussion on “promoting Financial Support for China-ASEAN cooperation to jointly boost infrastructure interconnection”, through which consensus was reached on vigorously promoting the financial support for the construction of infrastructure interconnection. Firstly, a more effective platform needs to be established with the aim to achieve a win-win situation among the government, enterprises and banks. Secondly, a financial cooperation mechanism needs to be built with the core task to optimize coordination of business resources. Thirdly, multilateral cooperation among the governments needs to be levered to facilitate breakthroughs in financing for major projects.

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