In recent years, Guangxi has promoted cross-border financial innovation for ASEAN, expanded the cross-border use of RMB with ASEAN member countries, boosted the internationalization of RMB, and promoted China- ASEAN trade and investments.

In 2022, the cross-border circulation of RMB in Guangxi reached 221.17 billion yuan ($3.2 billion), which increased 20.23 percent year on year and was 5.75 percentage points higher than the national average.

By the end of 2022, Guangxi Bank had facilitated transactions for high-quality enterprises to the value of 44.5 billion yuan and transactions worth 23.99 million yuan for high-grade-credit enterprises.

Guangxi has issued foreign exchange loans totaling 1.43 billion yuan, which have benefitted 28 enterprises and saved 7 million yuan. By the end of 2022, Guangxi had eight pilot banks and 106 high-quality enterprises that facilitated foreign exchange transactions worth $6 billion, up 21.8 times year-on-year. Of this total, $1.23 billion was from foreign exchange trade with ASEAN countries, which accounted for 20.5 percent of Guangxi's total trade facilitation business.

By the end of 2022, Guangxi had handled 3,364 capital account income payment transactions for enterprises within its jurisdiction, amounting to $1.83 billion.

By the end of 2022, Guangxi had also completely implemented the new Qualified Foreign Limited Partner (QFLP) management model, and registered capital of $1.47 billion from 10 pilot QFLP funds.

The China (Guangxi) Pilot Free Trade Zone. [Photo/WeChat account: gh_df8bc987e060]