Copyright 2023 - Ningbo Life / Ningbo Expat

Green financial channel opens for port and shipping enterprises

The Port and Shipping Financial Innovation Conference, as well as the launching ceremony of the Port and Shipping Financial Services Month of the Free Trade Zone, was held on August 8, when the port and shipping logistics enterprises of Beilun District received one financial “gift package” after another, including 56 exclusive financial products, a credit quota of 7.8 billion yuan, and the “one-on-one” docking consultation, adding confidence to their future development.

In recent years, Beilun District has actively taken on the national mission to expand and strengthen the port and shipping service industry by deeply integrating itself into the new development pattern of “both domestic and international development”, and accelerating the construction of hub free trade zones.

High-quality development requires strong financial support. Since the beginning of this year, the Port Affairs Administration of the development zone, in collaboration with the Local Financial Supervision Administration of Beilun District and the Beilun Branch of the People’s Bank of China, has promoted the creation of exclusive financial products for port and shipping enterprises by such financial institutions as Agricultural Bank of China, Ningbo Bank, and Industrial and Commercial Bank of China. The demand analysis and financing docking have been carried out on a regular basis, along with such themed activities as “logistics and finance”. Banks have been arranged to send policies and funds to enterprises. In the first half of the year alone, the banks visited 1,262 companies and added 310 new credit lines with a total amount of 1.48 billion yuan.

Statistics show that as of the end of June, the balance of logistics loans for port and shipping enterprises of Beilun District was 8.5 billion yuan, a year-on-year increase of 19%, an increase of 3.7 times over the same period of last year.

The launch of the Port and Shipping Financial Service Month of the free trade zone has further opened up a “green channel” of financing for port and shipping enterprises.

“At present, the first phase of the ash-storage project of power plants invested by our enterprise is in a critical period, and the construction efforts will gradually increase.” said Sun Qi, General Manager of Ningbo Huihaitong International Logistics Hub Development Co., Ltd.. The company’s investment project is large and needs to be matched with corresponding investment and financing models for assistance.

After learning about the situation, the departments concerned have taken the initiative to dock the enterprise with financial institutions. The Industrial and Commercial Bank of China led the joint loans to provide a credit of 3.8 billion yuan for the project.

Beilun District continues to expand its application scenarios for cross-border financial service platforms, launching a pilot project to facilitate domestic freight and foreign exchange payments. It takes the lead in the whole country in achieving “voucher digitization, online processing, and automated review”.

At the conference, 56 exclusive financial products were released, including the “freight forwarder pass”, “quick block-chain loan”, and “port and shipping service insurance”.

Five enterprises, including Ningbo Huihaitong International Logistics Hub Development Co., Ltd., signed contracts with financial institutions, and five organizations and enterprises, including the Ningbo Transportation Association Branch of International Container Storage, signed cooperation frameworks with financial institutions, with a total credit of 7.8 billion yuan.

For the next step, Beilun District will further accelerate the gathering of such high-end service elements as port and shipping finance and insurance, strengthen financial empowerment, expand industrial capabilities, and optimize the port and shipping industry chain, ecological chain, and value chain, thus creating a core functional area of port and shipping with first-class competitiveness, high-end service capabilities, and factor cohesion, which will serve as a new engine for high-quality economic development

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