Bank of China Ltd says it is pushing to help small and medium-sized Chinese companies looking for market share, advanced technologies and management expertise overseas, in an initiative aimed at boosting cross-border investment and trade cooperation with their foreign counterparts.
Drawing on its ties with the government, the bank said it has built databases of information on Chinese small and medium-sized enterprises in different provinces.
The BOC said it is offering a series of matchmaking services to Chinese and foreign SMEs according to their demands. This allows them to conduct video conversations at the initial stage of contact, followed by face-to-face and one-on-one communication. It also allows on site visits, and a package of customized financial services during the life cycle of Chinese SMEs, once they reach cooperation agreements with their foreign counterparts.
Gao Yingxin, executive vice-president of BOC, said on Tuesday Chinese SMEs have a wide market but they still need to improve the level of their technologies. Some of their products are not competitive enough, and some companies have problems connected to heavy pollution and high energy consumption. He said they are finding it increasingly difficult to receive funding, especially during China's economic slowdown.
"Through our cross-border matchmaking service, Chinese SMEs will be able to introduce advanced technologies and management expertise from other countries. They could also expand financing channels," he said.
Last year, the BOC held 11 matchmaking fairs both in and outside the country to promote SME cross-border investment and trade cooperation.
During the fairs, the bank arranged more than 4,500 one-on-one meetings, which led to nearly 3,500 cooperation agreements.
Gao said the bank will hold similar events in Australia and New Zealand next week.
