Chinese financial watchdogs vow support for Belt and Road Initiative

Chinese central bank governor Zhou Xiaochuan [File Photo: zznews.gov.cn]

Chinese financial watchdogs pledged to offer financial support for the sustainable development of the Belt and Road Initiative ahead of a high-level international meeting.

Funding of projects related to the Belt and Road Initiative should be raised through a market-oriented, sustainable and mutually beneficial investment and financing system, Chinese central bank governor Zhou Xiaochuan wrote in the latest edition of China Finance, a leading industry magazine managed by the People's Bank of China.

No single country can afford to finance all the projects alone, and it will take mutual efforts from countries involved in the initiative to offer long-term, sustainable financial support, Zhou added.

Fang Xinghai, deputy head of China's top securities watchdog, also wrote in the magazine that they will encourage outstanding Belt and Road-related enterprises to go public in China and overseas markets to finance major projects.

China will support banks to optimize their networks in Belt and Road countries and work with other countries to improve cross-border regulation, wrote Wang Zhaoxing, deputy head of the China Banking Regulatory Commission.

Wang pointed out, Chinese banks should enhance overseas market risk management and report major risks in a timely manner.

Chinese insurers will use their advantages and help finance infrastructure projects that require long-term and massive investment under the initiative while guarding against risks, according to Chen Wenhui, deputy head of the China Insurance Regulatory Commission.

The Belt and Road Forum for International Cooperation will convene in Beijing from May 14 to 15, with the aim of strengthening partnership on the Belt and Road Initiative and advancing international cooperation for development.