Tianjin Releases 21 Cases of Financial Innovation in Pilot Free Trade Zones
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In order to thoroughly implement the “Ten Actions” of the Tianjin Municipal Party Committee and the Tianjin Municipal Government, further deepen the financial reform and innovation of the Pilot Free Trade Zone, and encourage and support financial institutions to develop new strategies around the needs of the real economy, the eighth anniversary of the establishment of the Tianjin Pilot Free Trade Zone At the same time, the Financial Work Coordination and Promotion Group Office of Tianjin Pilot Free Trade Zone held a press conference on financial innovation cases in China (Tianjin) Pilot Free Trade Zone, releasing 21 financial innovation cases in Tianjin Pilot Free Trade Zone.
Eight years since the establishment of the Tianjin Pilot Free Trade Zone, a total of 135 financial innovation cases have been released, which fully embodies the distinct characteristics of financial reform and innovation in the Tianjin Pilot Free Trade Zone that continue to serve the real economy, and has effectively promoted the sustainable and healthy development of the city’s financial industry. As of the end of the first quarter, the comprehensive growth rate of deposits and loans of financial institutions in Tianjin reached 9.2%, a record high since September 2017, laying a solid foundation for Tianjin to achieve a good start in the first quarter.
Among the released cases, there are 3 first orders in the country. The Management Committee of Dongjiang Comprehensive Bonded Area has innovated the joint cooperation mechanism between the government and the court, and took the lead in exploring the credit guarantee preservation mechanism of financial leasing and commercial factoring enterprises in the country, further improving the judicial service environment, and helping to deepen reform and expand opening up in new financial fields such as financial leasing. The management committee of Dongjiang Comprehensive Bonded Area implemented the country’s first “passenger-to-cargo” business in the comprehensive bonded area, exploring a new path for the transaction and disposal of more than 2,000 aircraft in the Dongjiang Comprehensive Bonded Area and domestic middle-aged and old-age aircraft. China Railway Financial Holdings Financial Leasing Co., Ltd. landed the country’s first offshore equipment leasing business under an overseas project, providing financing guarantee for overseas project construction and business development of Chinese enterprises.
Tianjin’s first order is 4. Dongjiang Comprehensive Bonded Zone Management Committee and financial institutions launched the first government financing guarantee project in the Beijing-Tianjin-Hebei region for small and medium-sized enterprises to avoid foreign exchange risks, realizing government financing guarantees within Tianjin to support small and medium-sized enterprises to increase credit Service innovation breakthrough. Industrial and Commercial Bank of China Tianjin Branch launched Tianjin’s first renewable energy subsidy confirmation loan, which reflects financial innovation and exploration to serve the green development of the real economy. Tianjin Branch of Bank of Communications, together with Yisheng Payment, built Tianjin’s first “bank-enterprise cooperation” cross-border e-commerce comprehensive financial service platform. Tianjin Branch of Shanghai Pudong Development Bank handled the first high-tech and “specialized, special and new” enterprise cross-border financing facilitation pilot business for enterprises, effectively solving the problem that the previous full-caliber foreign debt quota was difficult to meet the cross-border financing needs of enterprises.
5 first orders in the financial institution system. The Tianjin Branch of the Export-Import Bank approved the first bonded area SPV ship leasing export buyer’s credit business in the system, and provided ship export leasing financing support through export buyer’s credit products. The first short-term export credit insurance comprehensive insurance policy financing project under the sea freight item in the implementation system of China Construction Bank Tianjin Branch is also the first comprehensive insurance policy financing application scenario of Tianjin financial institutions in the international freight forwarding industry. China Export & Credit Insurance Corporation Tianjin Branch underwrote the first overseas warehouse business supported by medium- and long-term insurance in the insurance system, driving the project to obtain financing support of 30 million euros. Bohai Huijin Securities Asset Management Co., Ltd. landed the first “single SPV rental housing REITs” on the Shenzhen Stock Exchange, and was approved to issue a shelf quota of 3.5 billion yuan. Sinochem Commercial Factoring Co., Ltd. landed the first N+N full-form factoring asset ABS storage rack in a central enterprise, leading to the “flowing water” of the financial market and precise “drip irrigation” of small, medium and micro enterprises in the industrial chain.
In the next step, the group office will continue to thoroughly implement the “Ten Actions” of the Tianjin Municipal Party Committee and the Tianjin Municipal Government, continue to make greater efforts to plan and promote financial reform and innovation in the Tianjin Pilot Free Trade Zone, and continue to focus on key points such as cross-border finance, shipping finance, and green finance. Improve the development level of financial leasing, commercial factoring and other characteristic formats, further demonstrate the role of the “experimental field” of financial reform and innovation in the Pilot Free Trade Zone, strive to create more results for deepening financial innovation and serving the real economy, and contribute to the comprehensive construction of socialism in Tianjin Modern metropolises contribute greater financial power.
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