The Xiamen municipal bureau of commerce and China Development Bank Xiamen Branch sign a collaboration memorandum on development finance to help the city to build a competent modern industrial system and achieve high-quality development. [Photo/WeChat account of Xiamen municipal bureau of commerce] 

The Xiamen municipal bureau of commerce signed a development finance collaboration memorandum with China Development Bank Xiamen Branch on Aug 3 in Xiamen, East China's Fujian province. 

According to the memo, the two sides will strengthen cooperation in new-type infrastructure, new-type urbanization, key programs, advanced manufacturing, the Belt and Road Initiative, social welfare, and the innovation base construction of the BRICS Partnership on the New Industrial Revolution during the 14th Five-Year-Plan period (2021-25). 

Development finance will play a significant role in Xiamen's business attraction and investments, as well as in the city's efforts to build a competent modern industrial system and achieve high-quality development.

Based on multiple advantages of the branch, such as large capital scale, stable capital flows, high credit rankings, and complete financial services, the two sides will establish a coordinative work system, a risk sharing and control system, and a cadre training and exchange mechanism and share information about social and economic development, industrial policies, key reforms, and regulations in a bid to promote an organic fusion between policies and financial resources and to enhance the matching of enterprises, projects, and financial institutions. 

In addition, the two sides will focus on cultivating Xiamen's leading enterprises, core firms in the global supply and industrial chains, and micro, small, and medium-sized enterprises with huge potential.