On July 22, Agricultural Bank of China Limited (ABC) and government of Guangxi Zhuang Autonomous Region signed the Memorandum of Cooperation on Serving Real Economy with Finance and Building the Beautiful Guangxi in Nanning. The signing indicates a closer strategic cooperation partnership. Mr. Chen Wu, Chairman of the People's Government of the Guangxi Zhuang Autonomous Region, and Mr. Liu Shiyu, Party Secretary and Chairman of ABC held talks and witnessed the signing.
Mr. Chen Wu said that ABC has been maintaining close cooperation with Guangxi for a long time and offering great support in construction of major engineering projects and serving agriculture, rural areas and farmers ("Sannong"). It has been playing an important role in promoting economic and social development of Guangxi. At present, as Chinese economy has entered the new normal, opening up and development of the region has ushered in a new stage, urgently requiring more financial resources. ABC's decision to enlarge credit support for real economy in Guangxi based on the discussions on how to further promote cooperation is extremely timely and helpful. With enormous potential and space for development, Guangxi is willing to share development opportunities with ABC and join hands to stand up to challenges. Cooperation between the two parties will bring win-win results for sure.
Mr. Liu Shiyu pointed out that as a large state-owned commercial bank, ABC is a comprehensive financial group that serves "Sannong" and is driven by both urban and rural businesses. It operates in both international and domestic markets and covers diversified businesses including banking, insurance, fund and leasing. ABC has been carrying out business in Guangxi, serving Guangxi and building Guangxi for a long time. ABC Guangxi Branch has grown into the largest bank locally and this is attributed to the care and support of Party committees and governments at various levels.
According to Liu, the region has entered a new stage of opening up and development and the two parties enjoy many opportunities for cooperation. This has also boosted the confidence, determination and impetus for ABC to continue to serve Guangxi. With a strong sense of responsibility, ABC will do better in serving "Sannong". It will also make useful explorations and attempts in rural Internet finance, financial leasing of agricultural machinery, poverty alleviation by financial development and government credit enhancement and meanwhile accumulate experience. Moreover, under the new normal of economic growth featuring "slowdown in economic growth, difficult structural adjustments and effects of previous economic stimulus policies", ABC Guangxi Branch faces many new situations and challenges. It shall pay attention to both providing credit financial service and safeguarding risk bottom line and accelerate mitigating financial risks, so as to sustain its operation. ABC will carry out the new Memorandum of Cooperation in an all-round way and actively contribute to Guangxi's efforts in deepening reform and opening up, accelerating development and improving people's livelihood.
Mr. Zhang Xiaoqin, Vice Chairman of the People's Government of Guangxi Zhuang Autonomous Region, and Mr. Wang Wei, Vice President of ABC, signed the Memorandum of Cooperation on behalf of the two parties. According to the Memorandum of Cooperation, in the next three to five years, ABC will provide credit support mainly in pillar industry clustering, traffic infrastructure connectivity, energy security, and urban and rural area integration. Fields with major credit also include agricultural modernization, forestry industrialization, building of advantageous areas in tourism, eco-economy, water conservancy projects, cultivation of new-type agriculture entities and poverty alleviation projects. ABC will broaden and deepen cooperation in benefiting the public with science and technology, supporting small and micro businesses, facilitation of cross-border trade investment and diversifying financing methods. Meanwhile, it will continue to enhance innovation and application of products and systems.



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