Qingdao recently convened a conference aimed at supporting the development of foreign-funded banks. A total of 15 supporting measures, which fall into three categories, were rolled out in the conference to help foreign-funded banks to seek high-quality development in Qingdao.

The 15 measures primarily include: intensifying the guiding and supporting role of policies, and implementing exemption from liability upon due diligence to create favorable conditions for foreign-funded banks to grow in Qingdao, incentivizing foreign-funded banks to strive for differentiated and tailored policies from their head offices or headquarters to better localize their business operations, taking better regulatory measures to impose oversight in a differentiated way and ensure regulatory intensity is well aligned with institutional risks.

In the conference, nine Chinese-funded banks, including China Minsheng Bank Qingdao Branch and Ping An Bank Qingdao Branch, separately signed memorandums of cooperation with 12 foreign peers such as HSBC Qingdao Branch and DBS Bank Qingdao Branch, with cooperation relating to multiple vital sectors ranging from syndicated loans, cross-border financial services to issuance of bonds overseas. The Working Committee for Foreign-funded Banks under the Qingdao Banking Association, which is composed of all Qingdao-based foreign-funded banks, was also founded.  (Fu Jun)