The Urumqi State High-tech Zone (New District) in the Xinjiang Uygur autonomous region and Habib Bank Ltd (HBL) of Pakistan have signed a contract to set up a branch in the zone, which will be the region’s first headquarters and branch of a foreign bank.
At the signing ceremony, Deputy Mayor of Urumqi Gao Feng delivered a speech, saying that as all-round financial cooperation is essential for economic growth in the context of economic globalisation the HBL Urumqi Branch, which is also the bank’s first business institution in China, will be of great significance in boosting the China-Pakistan Economic Corridor (CPEC) and the economy of Xinjiang – the core of the ‘Silk Road Economic Belt’.
He promised the city’s full support to the bank with favorable conditions and quality services.
Gao noted that becoming an international financial center is a key element of the zone’s innovative development, and requires restructuring of industries and shifting of growth patterns. The new branch will help the zone achieve that goal by broadening international funding, enhancing cooperation with south Asian countries, and realising cross-border RMB settlements.
The zone will continue advancing the modern financial services industry in a good investment environment, said Gao.
He expressed hope that the two countries will enjoy mutual development and long-lasting friendship, and that the bank and the Urumqi zone will make profits together through trust to ensure development of the CPEC.
Farhan Talib, head of the HBL’s Beijing representative office, responded that the HBL has benefited from President Xi Jinping’s visit to Pakistan and the CPEC project, and said that it will strengthen financial cooperation with Xinjiang, especially in growing Urumqi into an international city and the Urumqi High-tech Zone into an international financial center.
In recent years, the Urumqi high-tech zone has adjusted its development priority to favour the financial industry, while keeping up advances in high-tech industries.
Farhan and Hao Jianmin, head of the zone, signed the contract with Shu Pucheng, member of the zone’s standing committee, chairing the ceremony.
