The People's Bank of China Fujian Provincial Branch guides financial institutions to provide cross-border financial services for China-Indonesia "Two Countries, Twin Parks". [Photo/WeChat ID: gh_863f85571f21]

In 2023, cross-border RMB transactions in Fujian province surpassed 1 trillion yuan ($139.7 billion) for the first time, reaching 1.22 trillion yuan, a 37.6 percent year-on-year increase. This was announced during a press conference on the financial operation of Fujian province held by the Information Office of the Fujian Provincial People's Government on Jan 31.

In 2023, cross-border RMB receipts and payments in Fujian accounted for 46 percent of all foreign and domestic currency receipts and payments, a 13-percentage-point increase from the end of 2022.

Specifically, the proportion of cross-border RMB receipts and payments under trade increased by 7.2 percentage points from the end of 2022. Throughout the year, 4,165 new cross-border RMB first-account enterprises were established, with a 55 percent increase in high-quality cross-border RMB enterprises compared to the previous year.
Settlement amounts in RMB with countries participating in the Belt and Road Initiative (BRI) and RCEP (Regional Comprehensive Economic Partnership) grew by 50.4 percent and 38 percent, respectively, while the settlement amount for bulk commodity trade in RMB doubled compared to the previous year.

Fujian's cross-border settlement with BRI countries and RCEP member countries accounted for 29 percent and 26 percent, respectively, of all cross-border settlements, both of which were historic highs. Moreover, 95.1 percent and 93.8 percent of the 610 pilot enterprises in Fujian were engaged in trade with BRI countries and RCEP member countries, respectively, demonstrating new momentum in the development of goods trade.

Cross-border investment and financing also saw significant improvements, with overseas investment outflows to ASEAN countries increasing by 350 percent. Pilot digitalized capital project services expanded further, handling a total of 180 million dollars in digital business for 13 companies from RCEP member countries investing in Fujian.

Looking ahead, Fujian aims to continue its focus on regional reform and opening up, introducing policies for facilitating cross-border trade and investment in the construction of demonstration zones for integrated development across the Taiwan Strait and innovative economic and trade development. These efforts will help Fujian become a high-level experimental zone for opening up to the outside world.