Yantai FTZ ramps up efforts to support financial institutions

A signing ceremony for financial institutions was held in the Yantai area of the China (Shandong) Pilot Free Trade Zone on March 12.

Dongying Bank Yantai branch, Founder Securities Yantai sales department, and Yantai Yeda Financial Leasing Co will be launched in the area.

At the ceremony, several institutions were officially unveiled, including Beijing Road branch of Yantai FTZ of Industrial and Commercial Bank of China and China Construction Bank Yantai FTZ branch.

To date, the area has introduced 121 financing institutions and 177 funds worth a total of 138.2 billion yuan ($19.78 billion).

The area is promoting pilot projects to help companies in exchange settlement and payment which have been promoted in the Jinan and Qingdao areas of the Shandong FTZ.

So far, 16 pilot enterprises have been put on record in seven banks, and nine have made 23 payments worth 662 million yuan.

The Yantai area also supports financial institutions in exploring innovation in free trade financial services and cross-border offshore loans.