The China Banking and Insurance Regulatory Commission (CBIRC) has just convened a specialist meeting on advancing reform of the country’s supply chain finance systems.
CBIRC announced on 18 November that the meeting was for the purpose of “deepening supply chain finance reform work for the banking and insurance sectors.”
“Exploring and expanding supply chain finance operations is of benefit to raising the stability and competitiveness of China’s industrial supply chain, accelerating the establishment of new development conditions and driving high quality growth,” said CBIRC in an official statement.
“Some banking institutions are actively exploring new models of supply chain finance, using the next generation information technologies such as the Internet of Things and the blockchain; making improvements to risk control technology and models, and raising the accuracy, coverage and convenience of financial services.
“On the foundation of maintaining, stable operation, they have achieved positive results in terms of effectively alleviating the financing difficulties of micro and small enterprises.”