According to the "Notice on Carrying out the Pilot Program of Railway Transport Document Financial Services to Better Support the Development of Cross-border Trade" (hereinafter referred to as the "Notice") recently issued by the General Office of the China Banking and Insurance Regulatory Commission and the General Office of the Ministry of Commerce, Xiamen and other five cities It was approved to be the first batch of pilot areas to carry out railway transport document financial services, and the pilot period will be one year.
Railway transport document financial services are an important part of foreign trade financial services. The development of railway transport document financial services aims to expand the coverage of foreign trade financial services under the premise of effectively controlling risks, reduce the comprehensive financing costs of foreign trade enterprises, and further promote the development of cross-border trade .
The circular encourages banks to use risk-controllable railway transport documents as acceptable documents for settlement and financing, and provide foreign trade enterprises with services such as settlement in domestic and foreign currencies, opening of letters of credit, financing for import and export trade, and supply chain finance. . In other words, Bank can provide financial services such as credit line, international settlement, trade financing and other financial services for foreign trade enterprise customers by referring to the sea bill of lading financing model when foreign trade enterprise customers adopt land transportation and provide railway transportation documents that meet the requirements. Financial support that was previously difficult to obtain from rail transport will also be radically changed.
It is reported that before the issuance of this notice, the Xiamen Free Trade Zone Management Committee, together with 7 units including the China Banking and Insurance Regulatory Commission Xiamen Banking and Insurance Regulatory Bureau, and the People's Bank of China Xiamen Central Sub-branch, actively reformed and innovated, tried first, and explored multimodal transport. The "one bill of lading" bill of lading certificate of title function successfully piloted the first batch of financial service applications based on the "one bill of lading" bill of lading for multimodal transport in June this year. The first batch of 3 containers of the pilot project, containing 73 tons of polyester yarn, departed from Nanchang Railway Station, arrived at Xiamen Port, and then took a ship to Karachi Port. The pilot operating enterprises stated that the application of financial services for the "one bill of lading" bill of lading is conducive to improving the capital turnover efficiency of export enterprises and reducing supply chain costs. In addition, the Xiamen Free Trade Zone Management Committee has also issued relevant support measures to facilitate the promotion of the "one order system" business of multimodal transport. Up to now, Xiamen has completed the "one order system" business exceeding 1,500 TEUs.
The relevant person in charge of the Xiamen Free Trade Zone Management Committee said that the next step will take the pilot of railway transport document financial services as an opportunity to further promote the "one document" business application of multimodal transport in Xiamen, and encourage pilot enterprises to actively cooperate with financial institutions. Cooperation, deeply integrate the "one order system" business with the financial services of the bill of lading certificate of title function, create a "one-stop" service system for multimodal transport, attract hinterland sources of goods, serve the high-quality development of Xiamen Port, and help stabilize foreign trade. Improve quality.
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Notice of the General Office of the China Banking and Insurance Regulatory Commission of the General Office of the Ministry of Commerce on Launching the Pilot Program of Financial Services for Railway Transport Documents to Better Support the Development of Cross-border Trade Xiamen and Qingdao Banking and Insurance Regulatory Bureaus, competent commerce departments, policy banks, large banks, joint-stock banks, foreign-funded banks, insurance group (holding) companies, property insurance companies, reinsurance companies, banking associations:
In recent years, China-Europe freight trains and other cross-border railway transportation have developed rapidly. Banking and insurance institutions in some regions rely on railway transport documents and intermodal transport documents including railway transport (hereinafter collectively referred to as railway transport documents) to carry out financial innovation, which strongly supports the development of foreign trade. . In order to thoroughly implement the State Council's series of policies and measures to stabilize foreign trade and the "Notice of the State Council on Several Measures to Promote the Reform and Innovation of Trade and Investment Facilitation in Pilot Free Trade Zones" (Guo Fa [2021] No. 12), we will steadily promote the financial services related to railway transport documents. Services (hereinafter referred to as railway transport document financial services) are piloted to help enterprises carry out cross-border trade. The relevant matters are hereby notified as follows:
1. Clarify the target positioning
Railway transport document financial services are an important part of foreign trade financial services. The railway transport document financial service aims to expand the coverage of foreign trade financial services under the premise of effectively controlling risks, reduce the comprehensive financing cost of foreign trade enterprises, and further promote the development of cross-border trade.
Second, strengthen the bankService
Encourage banks to innovate with reference to the financial service model under the ocean bill of lading, take the risk-controllable railway transport documents as acceptable documents for settlement and financing, and provide foreign trade enterprises with domestic and foreign currency settlement, letter of credit issuance, import and export trade financing and supply chain finance services. When developing other financial services, banks are encouraged to consider the risk-controllable railway transportation documents held by foreign trade enterprises, and provide more support in terms of business access and credit line approval. Encourage qualified banks to take advantage of their cross-border service network, deepen communication with overseas branches, correspondent banks and customers, and expand the business space for railway transport documents.
3. Strengthen insurance protection
Encourage insurance companies to strengthen product innovation, explore and expand the scope of services, effectively meet the needs of foreign trade enterprises, railway carriers, freight forwarders in freight insurance, liability insurance, etc., and provide risk protection for goods transported by railway in transit . Support insurance companies to further diversify risks through reinsurance and other means.
Fourth, promote the application of science and technology
Encourage banks to strengthen cooperation with railway carriers, etc., and explore the use of blockchain and other technologies to achieve rapid transmission and verification of railway transportation document information, so as to better carry out financial product service innovation and risk prevention and control. Support banks to deepen cooperation with railway carriers, freight forwarders, warehousing and logistics companies, etc., strengthen the accumulation and analysis of historical trade information of foreign trade companies, and improve the accuracy of judging the authenticity of companies' trade backgrounds through technologies such as big data, and comprehensively make judgments. The operating status of the enterprise is , providing support for services such as credit loans and annual review loans.
5. Ensuring effective control of goods
Banks should focus on analyzing the implementation of railway transport documents to control related goods, and pay attention to whether the relevant contract terms under the existing legal framework can ensure effective control of goods by banks. Support banks to conclude contracts with railway carriers, freight forwarders, warehousing and logistics companies, foreign trade enterprises, etc., to clarify the rights and obligations of all parties, and to ensure the uniqueness and transferability of railway transport documents as proof of delivery. Encourage banks to rely on the relevant systems and platforms of railway carriers, freight forwarders, and warehousing and logistics companies to strengthen the monitoring of cargo conditions.
Sixth, strengthen risk prevention and control
Banks should focus on the analysis of the overall operating conditions of foreign trade enterprises, and rationally use margins, sales collection account supervision and other methods to mitigate risks. Encourage banks to strengthen cooperation with guarantee institutions, etc., and effectively play the functions of guarantee credit enhancement and risk mitigation. Banks should strengthen commodity market research to provide support for rapid assessment and disposal of collateral. Banks should take the initiative to pay attention to the insurance coverage of foreign trade enterprises, railway carriers and freight forwarders to prevent risks such as damage and loss of goods in transit.
7. Improve the management mechanism
Encourage banking and insurance institutions to establish and improve relevant management systems and increase differentiated policy support according to the characteristics of railway transport document financial business and major risk points. Qualified institutions can appropriately increase the allocation of financial resources, optimize performance evaluation indicators, and promote the steady development of business.
8. Deepen the coordination of all parties
The dispatched offices of the China Banking and Insurance Regulatory Commission and the competent commercial departments in the pilot areas should have a deep understanding of the local cross-border trade development, the policy appeals of the banking and insurance institutions and the needs of enterprises, and strengthen cooperation with the judicial, transportation, railway and other departments to create a favorable policy environment. Encourage industry self-regulatory organizations to strengthen publicity and guidance, actively promote good practices in the industry, organize relevant training, and study and build a railway transport document financial service platform system. 9. Promoting the pilot projects steadily Henan, Chongqing, Sichuan, Xiamen, and Qingdao are the first batch of pilot areas, and the pilot period is one year. The next step will be to gradually expand the scope of the pilot on the basis of summarizing the experience of the pilot. The CBIRC dispatched offices in the pilot areas shall fully communicate with the local commercial supervisors, railway transportation and other departments, select banking and insurance institutions with strong risk management and control capabilities, and the willingness and ability to innovate to participate in the pilot, strengthen risk monitoring, and timely detect and submit railway transportation documents. New situations and new problems faced in the development of securities financial services.
General Office of China Banking and Insurance Regulatory Commission General Office of Ministry of Commerce August 20225th
