Home>Updates

Bank of China to facilitate Yiwu's import

chinadaily.com.cn| Updated :2019-07-18

1563506450264024076.jpeg

Bank of China logo [Photo/VCG]

Bank of China (BOC) and BOC Insurance signed an MOU on supporting the international trade reform in Yiwu, East China's Zhejiang province, on July 17.

Accordingly, the Zhejiang branches of BOC as well as BOC Insurance will offer a bunch of credit extension and financial service products.

"Our cooperation is expected to improve Yiwu's business environment, accelerate trade process, cut import costs, and streamline customs clearance," said a spokesperson for BOC.

In October 2018, BOC Insurance piloted the credit insurance for customs duty deposits in Yiwu, which freed startup companies from a considerable amount of capital.

BOC's expertise in electronic payment and cross-border tariff collection will play an important role in boosting Yiwu's import and export industry.

1563506869967023745.jpg

The signing ceremony takes place in Yiwu, Zhejiang province on July 17. [Photo/zgyww.cn]