Financial cooperation association of China and Mongolia set up in Hohhot

The financial cooperation association of China and Mongolia has been set up in Hohhot on September 26.

The financial cooperation association of China and Mongolia has been set up in Hohhot on September 26 under the leadership of Baoshang Bank and Trade and Development Bank of Mongolia with the participation of 33 financial institutions from both countries.

The financial cooperation association of China and Mongolia held a signing ceremony on the day, during which 27 financial institutions from China and 6 counterparts from Mongolia inked a strategic memorandum of understanding (MoU) to become members of the association.

Li Zhenxi, president of Baoshang Bank, introduced that the financial cooperation association of China and Mongolia is a non-profitable, open cross-border financial cooperation organization. Based on the purpose of “resource sharing, advantage complementarity and mutual benefit,” it aims to establish a highly effective development regime to promote China-Mongolia economic and trade exchange and facilitate an all-around cooperation between the two countries.

"With the deep implementation of the Belt and Road Initiative, the association is bound to guide economic restructuring and upgrading of China and Mongolia and even the northeast Asia in a bid to improve economic relationship between the two countries and make greater contribution to the China-Russia-Mongolia economic corridor," added Li.

The financial cooperation association of China and Mongolia is expected to help realize advantage complementarity among its members in risk control, research consultation, investment project cooperation and cross-border capital operation, and carry out cooperation in cross-borer settlement, financing and e-commerce.