China’s Yiwu leads global supply chain in innovation

The reshaping of the global supply chain is mainly reflected in digital trade, digital industry, and digital finance.] In terms of digital finance, strengthen and improve the coverage of supply chain finance with small, medium and micro enterprises as the main body. Based on traditional finance, through innovation and integration of supply chain finance and digital finance, we will continue to deepen special financial reforms, strengthen support and arrangements for precise financing of small and medium-sized enterprises in the digital supply chain, and promote cross-border trade and investment foreign exchange facilitation. For example, 65% of the capital financing support and arrangement for commodities in overseas warehouses. It is mainly reflected in three aspects. First, strengthen the supply side of supply chain finance, strengthen financial technology innovation and financial digital empowerment. Relying on the platform’s big data upstream and downstream to comprehensively verify the authenticity of trade, solve the problem of information asymmetry between financial institutions and enterprises, expand financial services and support small, medium and micro entities. Second, innovate characteristic trade financial services. This includes, but is not limited to, launching a pilot program of bank settlement accounts that combine domestic and foreign currencies in multiple foreign currencies, providing domestic and foreign currency bank settlement account services in multiple foreign currencies, and expanding the application of digital RMB in international trade. Optimize cross-border settlement facilitation services, and strengthen digital financial services with a dual system of digital foreign exchange settlement and digital financing.

Finally, enhance the level of financial supervision and intelligent control. Improve the data collection of digital finance, enhance the real-time monitoring of financial risks, consider strengthening the regulatory mechanism arrangement of the regulatory sandbox, and enhance risk analysis and early warning. Implement credit constraints and classified management of “the more compliant the transaction is, the more convenient the exchange will be”. Strengthen financial support while preventing and controlling risks.