The support of the Chinese banking......>

CHINA PRESS: The support of the Chinese banking sector is very important to

China's "going abroad" strategy that Chinese President Xi Jinping stressed in

his speech at the opening ceremony of the 19th Communist Party Congress, the

Financial News, a newspaper supervised by the People's Bank of China, reported

Friday. Banks have performed important roles in China's One Belt One Road

initiative and free trade zones, and banks' foreign operations as part of the

two programs is very meaningful for China's economic restructuring, Renmin

University International Monetary Institute researcher Li Hong told the

newspaper. Chinese banks' substantial involvement in the two programs would

continue to be their main development direction, Li said. The report also noted

that Chinese banks have continued to expand overseas as Chinese companies

increasingly invest abroad. Bank branches in foreign countries have increased

rapidly, their assets have jumped and net profits have increased significantly.

For example, Bank of China has invested more than $437.2 billion in 460 programs

in countries along the One Belt One Road initiative. (Financial News)