This year, the Shanxi branch of the State Administration of Foreign Exchange has been continuously enhancing financial and foreign exchange policies and optimizing cross-border financial management services to support the high-quality development of the Belt and Road Initiative (BRI).

As of the end of June, cross-border inflows and outflows between Shanxi province and countries and regions involved in the BRI totaled $9.32 billion, accounting for 51 percent of the province's cross-border revenue and expenditure.

To address challenges faced by enterprises in cross-border trade, such as lengthy processing times and cumbersome document reviews, the Shanxi branch has been actively streamlining foreign exchange processes, effectively enhancing the efficiency of business operations for foreign trade enterprises.

The branch has also been expanding the application of policies aimed at facilitating capital project income and payments, encouraging eligible banks to engage in digital capital project transactions. In the first half of the year, a total of 74 capital project payment facilitation transactions were processed, amounting to $530 million.

In response to difficulties in financing and high costs, the branch has been focusing on "digital finance" to promote the application of scenarios like "export accounts receivable financing" and "export credit insurance policy financing", with a total of 114 transactions processed from January to June, amounting to $910 million.