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Hongqiao Forum discusses financial backing for global trade

China Daily | English | News | Nov. 11, 2025 | UndeterminedBizdev-Partnering

At the 8th Hongqiao International Economic Forum on November 6, major financial institutions and service providers discussed methods to enhance cross-border trade through financial services. Ren Deqi, chairman of Bank of Communications, highlighted the crucial role of maritime trade finance in supporting global industrial chain reshaping, emphasizing finance as essential to the real economy. He also noted the acceleration of innovation in financial services through technologies such as big data and blockchain, particularly in electronic bills of lading and smart contracts.

Bank of Communications, as the only State-owned bank headquartered in Shanghai, is actively developing digital platforms for maritime trade and collaborating with government agencies, foreign trade enterprises, and transaction platforms to strengthen cross-border trade finance and stabilize the industrial chain. The forum also saw the launch of the BOCOM Trade link platform, designed to provide comprehensive, secure, and convenient services to foreign trade enterprises.

Li Wei, executive vice-president of China Cosco Shipping, identified five areas where financial services could support maritime trade, suggesting that digitalization could extend beyond electronic bills of lading to enable a fully paperless cross-border trade process. He explained that converting logistics data into credit assets would allow lenders to better assess risks and help small and medium-sized enterprises obtain loans based on operational history rather than traditional collateral.

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