China Banking and Insurance Regulatory Commission has signed bilateral memorandums of understanding (MOUs) or exchange notes with the financial supervisory authorities of 32 countries along the Belt and Road routes as of the end of 2017.
According to the recently released Sofia Guidelines for Cooperation between China and Central and Eastern European Countries (CEECs), the two sides will “cultivate new drivers for cooperation in science, technology, innovation, finance, green environmental protection, agriculture, energy, forestry and health”, and the participants welcome China and more CEECs signing bilateral MOUs on cooperation related to financial regulation.
Up to now, the China Banking and Insurance Regulatory Commission has signed MOUs with financial supervisory authorities in Poland, the Czech Republic, Hungary, and Lithuania. Three Chinese banks have established seven first-level institutions in four CEECs.
China Banking and Insurance Regulatory Commission said that the CEECs are important partners of the Belt and Road Initiative. It will continuously expand and deepen cross-border regulatory cooperation with countries along the Belt and Road routes. At the same time, it will actively guide the Chinese banks to optimize the institution distribution, improve the level of financial services, prevent risks and fulfill social responsibilities.