Recently, eight departments including the People's Bank of China and the National Development and Reform Commission jointly issued the "Opinions on Financial Support to Accelerate the Construction of the Western Land Sea New Corridor" (hereinafter referred to as the "Opinions"), proposing 21 key measures for financial support, promoting the full play of the two core financial functions of "financing" and "settlement", and supporting the high-quality development of the Western Land Sea New Corridor. On December 25th, at a press conference held by the People's Bank of China, Vice Governor of the People's Bank of China, Lu Lei, stated that the People's Bank of China will work with relevant departments to promote the implementation of various measures in the "Opinions", solidly improve the financial services of the land sea new channel, comprehensively enhance the financial service level of the land sea new channel, and help form a new pattern of opening up to the outside world with "linkage between land, sea, and domestic, and mutual assistance between the east and the west". At present, the Western Land Sea New Corridor has access to 583 ports in 127 countries and regions, transporting over 1300 types of goods. Its circle of friends is becoming increasingly wide and its influence is growing. Wang Xin, Director of the Research Bureau of the People's Bank of China, said that the "Opinions" mainly have four highlights: focusing on regional coordinated development. The Western Land Sea New Corridor involves "13+2" provinces, autonomous regions, and municipalities in the eastern, central, and western regions, integrating diverse economic features such as inland, coastal, and border trade. The Opinion not only focuses on the common needs of financing support, cross-border settlement, and digital empowerment in the areas along the route, but also supports different provinces, regions, and municipalities to carry out characteristic financial services according to local conditions. Strengthen institutional openness and innovation. Under the premise of controllable risks, the Opinion provides more efficient and convenient settlement and investment and financing services for channel enterprises to "go global" through institutional reform and innovation. For example, supporting the pilot of integrated domestic and foreign currency fund pool business for multinational corporations in areas with conditions, helping multinational corporations to more efficiently allocate and manage domestic and foreign funds, and reduce financial operating costs. Strengthen digital empowerment. The Opinion proposes to integrate information on the flow of goods and funds along the channel, and promote the transformation of data element value into financial service efficiency. For example, supporting the construction of a digital financial service platform for the Western Land Sea New Corridor, connecting with international trade "single windows" and government service platforms along the route, exploring solutions to cross-border and inter provincial "system barriers" and "data silos" in the corridor. Strengthen the guidance of openness. The Opinion grasps the new trends of international cooperation such as digital finance and green finance, and innovatively drives high-level financial opening in the central and western regions. For example, supporting provinces, regions, and cities along the channel to participate in multilateral central bank digital currency bridge projects and promoting the use of central bank digital currencies for cross-border payments. What are the positive impacts of the issuance of the Opinion on Expanding Openness on the construction of the Western Land Sea New Corridor? Lu Lei said that in the context of complex international geopolitical and economic situations, the issuance of the "Opinions" demonstrates China's determination to "open its doors wider and wider". It is of great significance and has a positive impact on building a smooth and interconnected domestic and international dual circulation, and helping to form a new pattern of "land, sea, and domestic linkage, East West mutual assistance" in opening up to the outside world. One is to enhance the accuracy and effectiveness of financial services in the new land sea channel. The Opinion focuses on key areas such as channel infrastructure, logistics, industry, and commerce, guiding financial institutions to develop distinctive, differentiated, and adaptable financial products, providing integrated financial solutions, and ensuring diversified funding and convenient settlement needs for different entities and development stages; By establishing a financial digital service platform, we ensure the precise drip irrigation of financial vitality into the real economy along the channel. The second is to promote the economic and trade development of high-level open service channels in finance. The Opinion aims to optimize the cross-border settlement convenience system, support domestic financial institutions to deepen agency clearing and cross-border financing cooperation with Southeast Asia, Central Asia, Hong Kong and Macao regions, actively introduce overseas financial institutions, explore and strengthen international cooperation in digital finance, green finance and other fields, promote interconnectivity between the financial markets along the channel and overseas markets, and enhance the level of institutional openness in the central and western regions of China. The third is to establish a cross domain financial cooperation mechanism to support the integrated development of channels. The Opinion focuses on breaking down regional barriers, exploring the integration of credit granting for financial institutions in provinces, regions, and cities along the Belt and Road, establishing joint credit and syndicated loan mechanisms, and a "one-stop access" joint service network for domestic and foreign branches. It highlights the strengthening of financial and entity linkage within provinces, regions, and cities, cross regional linkage between inter provincial financial systems, and cross-border financial cooperation between countries along the Belt and Road and ASEAN countries. To enhance the synergy of financial services and accelerate the construction of the Western Land Sea New Corridor, it is necessary to improve the synergy of financial services. Guo Wuping, spokesperson for the State Administration of Financial Supervision and Director of the Policy Research Department, said that railway transportation document financial services are an important component of domestic and foreign trade financial services, and an important force in supporting enterprises to explore diversified markets and develop land trade. They are naturally in line with the development positioning and superior location conditions of the Western Land Sea New Corridor. The Opinion clearly proposes to encourage localities to deepen the pilot of railway transportation document financial services based on demand. Next, the State Administration for Financial Regulation will continue to strengthen policy guidance and regulatory supervision, promote railway transportation financial document services to become characteristic financial products that support trade development, and better assist enterprise operations. Huang Jianshan, Deputy Director of the Bond Department of the China Securities Regulatory Commission, said that as of now, there are over 650 A-share listed companies in provinces, regions, and municipalities along the channel. Next, the China Securities Regulatory Commission will continue to deepen the comprehensive reform of capital market investment and financing, improve the inclusiveness and adaptability of the capital market system, support various entities to comprehensively utilize the advantages and characteristics of equity financing, bond financing, and asset activation tools, promote capital formation, better empower the high-quality development of the real economy, and further play the role of the capital market in serving the construction of the Western Land Sea New Corridor. The 'Opinions' system integrates pilot policies for cross-border settlement and investment and financing reform, creating a' more convenient, open, secure, and intelligent 'foreign exchange policy environment for the development of channel economy and trade. ”Chen Zhiwei, Director of the Foreign Exchange Research Center of the State Administration of Foreign Exchange, said that in the future, we will also support enterprises along the channel to carry out green foreign debt and qualified overseas limited partner pilot projects, providing better foreign exchange services for channel infrastructure construction, industrial transformation and upgrading, and enterprises' "going global". (New Society)