Since 2005, China has surpassed the traditional stone powers of Italy and Spain in an all-round way, becoming the world's largest producer, consumer and importer of stone industry. Among them, the Xiamen-Shuitou stone market in Fujian Province has a strong competitive advantage and industrial agglomeration effect in the whole country, and the import and export volume of stone accounts for a higher proportion in the world. At present, the RMB exchange rate fluctuates greatly. In order to avoid exchange rate risk and reduce settlement cost more effectively, it is timely to promote cross-border RMB business in stone industry.
At 9 a.m. on October 25, 2018, the Xiamen Central Branch of the People's Bank of China organized a seminar on the cooperation between banks and enterprises in cross-border RMB business in the stone industry in the conference room on the fourth floor of Xiamen Construction Bank Building. The heads of Xiamen Finance Office and Xiamen Business Bureau, the Bank of China, the Construction Bank, the Industrial and Commercial Bank, the Agricultural Bank, the National Development Bank and the Import and Export Bank of China were present. Representatives of Xiamen institutions, enterprises of Xiamen Stone Business Association and Chairman Qiu Shangqi of Zhongmin Stone Industry Group were invited to attend the meeting. The meeting was chaired by Shi Haisong, Director of the Cross-border RMB Business Office of Xiamen Pedestrian Bank.
Director Shi Haisong (middle) presided over the seminar
Director Shi Haisong first introduced the current cross-border RMB business situation and policy opportunities. Subsequently, Chairman Qiu Shangqi made a keynote speech on "Some Thoughts on RMB Cross-border Settlement in Stone Industry". Qiu Dong first introduced the development process and current situation of stone industry from the perspective of history, industry and international trade, pointed out the main problems existing in China's stone industry, such as "big but not strong", "inadequate connection with financial capital", "inadequate ability to integrate global resources", "inadequate contribution to government finance and taxation" and "inadequate awareness of the development of construction industry". Although the overall scale of China's stone industry is large, but the individual management is very decentralized, and the situation of individual fighting is serious. Stone enterprises have failed to substantially form industry synergy and weak external negotiation power. Qiu Dong further said that the current is the best time to promote the RMB settlement business in the stone industry. With the opportunity of RMB cross-border settlement, Zhongmin Stone Industry Group will focus on promoting the management of cross-border settlement, trade management, mining rights management and mining rights transfer in the stone industry by uniting commercial banks and stone business associations.
Chairman Qiu Shangqi of Zhongmin Stone (C) made a speech at the meeting
The representatives of enterprises of Xiaquan Stone Business Association at the meeting gave a brief introduction to their cross-border trade situation, and put forward the actual needs of stone enterprises in terms of the quota of issuing letters of credit for RMB import and the terms of trade settlement, the quota of financing for scrap control, overseas RMB financial management, and the quota of special foreign exchange for mineral rights acquisition. Representatives of stone enterprises expressed their hope to strengthen interaction and cooperation with domestic and foreign branches of Chinese-funded banks, and to provide more diversified services and support in cross-border RMB settlement business of stone industry. Representatives of participating banking institutions also put forward specific ideas of cooperation and docking between banks and enterprises around the "Financial Services Demand of Stone Industry Enterprises" and combining the advantages of our cross-border financial services and products.
Seminar Spot Participants Warmly Discussed the Issue
The seminar is of great significance to promote the cooperation among the government, banks and stone enterprises to help the development of cross-border RMB business in the stone industry. Yu Hongkai, deputy director of Xiamen Pedestrian Bank's Monetary and Credit Department, said that he hoped that stone enterprises would strengthen exchange rate risk management. At the same time, the People's Bank of China would actively support stone enterprises to establish long-term cooperative relations with banks, promote the establishment of cooperation platform between banks and enterprises, and help the stone industry cross-border RMB business.
China Min Stone Industry Group is an industry chain integration and investment group initiated by China Min Investment Group, which focuses on the four-dimensional integration of "production, investment, finance and professional team" of the global stone industry. It innovates and puts forward the business model of "industry+finance+science and technology=industry and finance technology FinInTech", which connects industry with financial capital in depth and helps industry upgrade. The company is committed to building an integrated platform of global mining resources, government resources, industry resources, financial and capital resources, striving to become the most influential stone industry group and stone industry fund in the world, to achieve the harmonious unity of social value, enterprise value and investor value.
