Sino-Czech banking activity to increase

Shang Fulin, chairman of the China Banking Regulatory Commission. [Photo provided to China Daily]

Two countries also will intensify efforts to manage any financial crisis that might arise

Both Chinese and Czech banking watchdogs have demonstrated their willingness to support increased activity by banks and financial companies in each other's markets under the Belt and Road Initiative, which will boost connectivity throughout Eurasia.

They also have decided to deepen cooperation on cross-border crisis management to prevent the impacts of any financial crisis.

Shang Fulin, chairman of the China Banking Regulatory Commission, and Miroslav Singer, governor of the Czech National Bank, made the commitment as President Xi Jinping began his three-day visit to the Czech Republic on Monday.

While boosting the bilateral relationship to a strategic level, both countries have been determined to deepen pragmatic actions to materialize the Belt and Road Initiative, which was proposed by Xi in 2013. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

"While deepening supervision and crisis management cooperation, we strongly encourage our banking and financial sectors to participate in the initiative and diversify the financial services to facilitate investment and trade activities between the Czech Republic and China," Shang said.

Singer said, "The initiative creates potential for mutually beneficial economic cooperation between the two countries, and we are keen on expanding cooperation with Chinese partners."

To release such potential, the CBRC and Czech National Bank have jointly organized a conference on Tuesday for the banks that will address financial cooperation to boost mutual understanding.

In conjunction with the meeting, Shang's commission and the Czech National Bank were scheduled to sign an enlarged memorandum of understanding to share experiences on crisis management.

"We are going to cooperate on finding solutions where cross-border bank subsidiaries and branches and their head offices, or parent banks, are threatened by crisis," said Singer.