OREANDA-NEWS. October 12, 2011. Mr. Che Yingxin, Chairman of the Board of Supervisors of Agricultural Bank of China Limited (ABC), and his entourage attended the first China-EurasiaExpo in Urumqi. Mr. Che Yingxin was present at the financial cooperation forum and the symposium on financial support for Xinjiang’s leapfrog development hosted by the People’s Bank of China, and delivered keynote speeches, reported the press-centre of ABC.

Mr. Che Yingxin pointed out that, against the deeper financial cooperation between Asia and Europe and the rapid development of Xinjiang, Chinese banks and neighbor banks should seize this opportunity and enhance cooperation to provide firm financial support for the integration and prosperity of regional economy. ABC has two provincial branches in Xinjiang — Xinjiang Branch and Corps Branch, under which outlets are everywhere in local areas.

At the end of June 2011, deposits and loans of the two branches have reached RMB191 billion and RMB57.4 billion respectively. Furthermore, Xinjiang Branch and Corps Branch ranked first and second respectively among local peers in terms of market share, and were among the top with respect to many operational indicators. To support Xinjiang’s leapfrog development, ABC has set out 39 suggestions and signed agreements on overall strategic cooperation with the autonomous region and the corps. According to the agreements, ABC undertakes to provide up to RMB200 billion of credit line in the next ten years for infrastructure, low carbon economy, border trade and “Sannong” (agriculture, rural areas and farmers) services, contributing its utmost to the economic development of Xinjiang.

At the symposium on financial support for Xinjiang’s leapfrog development, Mr. Che Yingxin put forth three constructive suggestions: First, to provide higher credit line with a focus on key fields, including the construction of the “Six Bases” of the autonomous region and the “Five Industrial Systems” of the corps, “Sannong” services and county-level economic development, growth of medium and small enterprises, construction of infrastructure and government-subsidized housing, and border trade. Special attention will be paid to implementing the project of enriching 200,000 rural households in Xinjiang, so as to let ABC’s financial services benefit farmers in a real sense. In doing so, ABC will keep strengthening its support for Xinjiang’s economic development, enhancing its role as the backbone and pillar of the rural financial system and improving its leading position and core competitiveness in the local inter-bank market.

Second, to further promote the service capability and efficiency of ABC Xinjiang Branch and Corps Branch by improving the guarantee mechanism. By granting separate credit lines to the two branches, ABC Head Office will provide additional credit line of RMB 3 billion this year to ensure a loan increment larger than the actual one of last year and that the two branches are free from restriction by credit line during the season for spring ploughing. As for those key customers and projects in Xinjiang, ABC shall adopt more flexible credit policies, grant the two branches larger authority for product innovation, further optimize the procedure and chain, improve the efficiency of review and approval, and respond more quickly to the market demand. ABC shall promote the partner assistance within the system to strengthen its overall service capability for Xinjiang. Besides, ABC shall also accelerate the establishment of a long-acting mechanism to support Xinjiang’s leapfrog development so as to implement the 39 suggestions.

Third, to consolidate the management foundation and promote risk control capability. By carrying out the campaign of "Year for Basic Management Promotion",  ABC shall enhance its awareness of risk prevention, hold the bottom line for risks, and carry out delicacy management to ensure the steady and sustainable development of the two branches and achieve a win-win situation of supporting the local economy and realizing its own development. ABC shall also strengthen its cooperation with the local government and peers to improve the credit environment and create a favorable financial eco-environment.

This expo attracted exhibitors from more than 30 countries and regions in Asia and Europe as well as over 20 provinces, municipalities and autonomous regions in China. ABC participated actively in the expo by introducing new products and promoting its services, and captured extensive attention from its peers at home and abroad.