Sino-Czech banking activity to increase

Miroslav Singer, governor of the Czech National Bank. [Photo provided to China Daily]

Singer said the signing will be a further major step in enhancing cooperation. In 2010, both sides signed a memorandum of understanding on supervision of banking institutions to share information and strengthen cooperation on such supervision.

Shang said the signing will help both sides to deepen cooperation on supervision.

He added that his commission, in line with President Xi's proposal, is in the process of forming the Asian Financial Cooperation Association, which will be a platform for banking and financial sectors along the Belt and Road routes. The Czech Banking Association is very supportive and will be a member of the association.

"Right now, great potential for cooperation on both sides has been released and both sides have shown huge intentions to further deepen cooperation," said Shang. "We are ready to keep closer relations with the Czech National Bank."

Shang said the Czech Republic is an important country along the routes of the Belt and Road Initiative and China supports financial cooperation with the country. In August, the Bank of China set up a branch in Prague, which has become a financial platform for enterprises on both sides.

Shang said his commission has actively supported setting up branches or subsidiaries of banking and financial companies in the countries along the Belt and Road routes.

He added that by the end of last year, nine Chinese banks had set up 56 branches in 24 countries along the Belt and Road routes, and 20 countries along the routes have set up 56 branches of commercial banks in China.

Shang said his commission will be in discussions with the countries to deepen supervision cooperation.

China has announced that more than 70 countries have pledged to join the Belt and Road Initiative and more than 30 countries have signed agreements with China. "We have already signed a supervision memorandum of understanding with 28 countries," Shang said.