The Agricultural Bank of China reported that its Going Global related business volume amounted to $ 57.94 billion in 2020.
At the same time, business related to the Belt and Road Initiative was $ 3.59 billion.
The Going Global policy is the current strategy of the People’s Republic of China to encourage its companies to invest abroad.
Overall, Agricultural Bank of China actively serves the Belt and Road Initiative, the internationalization of the RMB and the establishment of a pilot free trade zone and the Hainan Free Trade Port, as part of its cross-border financial services.
Thus, this bank provides great support to the transformation and modernization of foreign trade and foreign investment and serves the development of new economies and new business formats.
At the end of 2020, the total assets of its branches and subsidiaries abroad reached $ 144.46 billion, representing an increase of 2.6% compared to the end of the previous year.
Agricultural Bank of China
The net profit of its branches and subsidiaries abroad for the past year was 410 million dollars.
The Agricultural Bank of China builds a network of cross-border financial services. To do this, abroad, it established 21 institutions in 17 countries and regions, including 13 overseas branches, three representative offices, three subsidiary banks and two major subsidiaries, as well as a joint venture bank, which initially formed a network of cross-border financial services covering major international and regional financial centers with close bilateral communications.
The bank also strengthened cooperation with China Export & Credit Insurance Corporation to actively promote marketing and service for Going Global clients and key projects.
The international settlement and trade finance business continued to grow.
In 2020, the international settlement volume by national branches reached 1,110 million dollars.
Meanwhile, the volume of international trade financing (including domestic letter of credit financing) reached 150.2 billion dollars.