Bank of Beijing aims for top cross-border services

The Bank of Beijing will enhance its cross-border financial services and make continuous efforts to become the top service provider in this field, said Huo Xuewen, chairman of the bank, at a forum held on Thursday as part of the 2024 China International Fair for Trade in Services.

At the forum, speakers and participants discussed new approaches to business collaboration, production and finance integration, and building an ecosystem that brings together capital, intelligence and resources for the growth of new quality productive forces.

Huo outlined the Bank of Beijing's commitment to improving services across five dimensions: technology, talent, supply chains, cross-border payment and mergers and acquisitions.

He emphasized the bank's continuous efforts to explore new paths and models in financial services to foster innovation and drive the development of emerging industries.

Xing Wei, vice-president of the China Banking Association, highlighted the association's role in guiding the industry and supporting the development of new quality productive forces.

Xing laid out three key objectives: promoting financial innovation to support new quality productive forces, optimizing processes and mechanisms for better support, and strengthening risk control.

"China is significantly increasing financial investment to address key bottleneck technologies and accelerate the transformation of scientific achievements," said Peng Yu, deputy editor-in-chief of Beijing Daily. "Financial support is essential in bridging the gap between research and mass production."