Guizhou's foreign-related business develops sustainably in Jan-Oct

During the first 10 months of this year, Southwest China's Guizhou province saw the sustainable growth of foreign-related business with a cross-border payment of $10.66 billion, an increase of 12.3 percent year-on-year.

The income and expenses of trade in goods were valued at $5.78 billion, an increase of 13.4 percent year-on-year. The main trade products are chemical fertilizer, with an export value of $1.15 billion, agricultural products, with an export value of $466 million, and rubber products, with an export value of $177 million.

From January to October, Guizhou's service trade achieved foreign-related payments of $1.17 billion, an increase of 32.9 percent year-on-year, and Guizhou's enterprises contributed $273 million in foreign-related service trade through overseas contracted engineering operations, $237 million of which was traded with countries involved in the Belt and Road Initiative.

Since the beginning of this year, the Guiyang Central Sub-branch of the People's Bank of China has screened Guizhou's main foreign-invested companies, established communications, and provided targeted services to benefit Guizhou's real economy through cross-border financing.

Through the State Administration of Foreign Exchange's online platform ASOne, companies can apply for loans, upload documents and obtain loans in just two hours. From January to October, Guizhou had 53 companies borrowing $2.18 billion in loans through ASOne, an increase of 67.7 percent year-on-year.

To allow more foreign trade companies to benefit from cross-border renminbi businesses, reduce currency exchange costs and avoid exchange rate risks, Guizhou has arranged for financial institutions to visit main companies and provide customized cross-border renminbi service plans.

From July to September, Guizhou's financial institutions sent more than 50 teams to visit 271 companies, and helped 30 of them use cross-border renminbi services for the first time.