China to support economic development zones in Xinjiang

China's financial sector issued a statement on Wednesday vowing to support the development of Kashi and Huoerguosi, two newly-listed economic development zones in the country's far west Xinjiang Uygur Autonomous Region.

The statement, jointly released by the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission, said the move echoed the central government's decision to promote the strategic development of Xinjiang.

Xinjiang is at the gateway and forefront of China's westward opening-up strategy.

The financial sector will provide preferential policies for Kashi and Huoerguosi in terms of credit support, cross-border Renminbi transactions, international financial exchanges and cooperation.

Furthermore, the financial sector will also support the economic zones in direct financing, foreign exchanges management, payment and settlement as well as personnel training, among others.

Kashi Economic Development Zone, covering 50 square kilometers, is located in northern Xinjiang and borders eight countries including Russia, Kazakhstan and Kyrgyzstan.

Huoerguosi Economic Development Zone, covering 73 square kilometers, is located in southern Xinjiang.