The Shanghai Banking Association is calling for banks to support the development of the Yangshan Special Comprehensive Bonded Zone – in Shanghai - by offering better and innovative financial services and products.

The call was made on Jan 20 by Xu Bin, the association's president and also president of the Bank of Communications Shanghai branch, at an acceptance ceremony for phase II of the zone's new customs clearance facilities.

The proposal encourages member banks to help the zone take the lead in achieving breakthroughs in key areas, as well as to develop a best practice area with global demonstration significance for the integration of liberalization and facilitation of international investment and trade services.

Specifically, banks are being encouraged to increase credit support for key enterprises and projects in the region, innovate financial products and service models and implement differentiated credit policies in the zone.

The proposal also calls for more convenient financial services - such as cross-border settlements and financing for qualified enterprises in the area - and the establishment of a higher-level financial service system for trade liberalization and facilitation, with the support of big data platforms.

By benchmarking international practices and rules, banks are expected to improve the level of their innovative financial services, introduce integrated services in the field of bulk commodities and boost the internationalization of the renminbi.

More efforts should be made to promote the digital, intelligent and ecological transformation of banks with financial technology, according to the proposal.

The Yangshan zone, an exclusive special comprehensive bonded zone, was launched in May last year.