Bank of China to Support Creation of “Common Prosperity Demonstration Zone” in Zhejiang Province

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Bank of China (BOC) has committed to working with the Zhejiang province government on the development of a demonstration zone launched in response to President Xi Jinping’s recent call for greater wealth equality.

BOC recently issued the “Bank of China Action Plan to Support Zhejiang’s High-quality Development and the Establishment of a Common Prosperity Demonstration Zone” (中国银行支持浙江高质量发展建设共同富裕示范区行动计划) in the Zhejiang province capital of Hangzhou.

According to BOC it is the first financial institution in China to issue an action plan to support the development of a demonstration zone launched in response to President Xi’s recent call for achieving “common prosperity” in the country.

BOC said that it would “fully support Zhejiang in exploring effective paths for breaking down the main contradictions of society in a new era, and create a ‘major window’ for comprehensively demonstrating the superiority of socialism with Chinese characteristics in a new era.”

Specific measures outlined by the plan include providing no less than 1 trillion yuan in financial support to Zhejiang during the 14th Five Year Plan (2021 – 2025), as well as providing more diversified and convenient “one-stop shop” financial services to clients in the province.

BOC also committed to stepping up recruitment of personnel by county-level branches – particularly in mountainous regions, and “raising the speed of responsiveness to the demand for funds, and increasing the quality and effectiveness of the full credit provision process.”

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