The People's Bank of China (PBC) has approved Guangxi to replicate and promote the China-Malaysia Qinzhou Industrial Park's pilot financial innovation policies in the China (Guangxi) Pilot Free Trade Zone, said Yang Chunting, director of the Department of Commerce of Guangxi Zhuang Autonomous Region on Oct 20.

The scope of overseas loans projects has now expanded to cover all ASEAN countries and provide more support for the development of cross-border cooperation between industrial parks and companies led by Guangxi.

The China-Malaysia Qinzhou Industrial Park is the third international industrial park in China under the cooperation of China and Malaysia. It has received approval from the PBC to carry out five financial innovation pilot projects, which include convenient cross-border RMB two-way flow facilitation. As of Sept 30, it has handled pilot business projects worth over 8.17 billion yuan ($1.28 billion).

Yang added that Guangxi will further financial innovation forward, bringing more benefits to financial institutions and companies.