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Guangxi's cross-border funds scale peaks over $60b


Updated: 2022-02-09

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Cross-border funds scale of Guangxi Zhuang autonomous region in 2021 was expanded by 15.1 percent year-on-year to $63.57 billion, setting a historical new record, officials from the Nanning branch of the People's Bank of China on Jan 24.

The total cross-border trade of Guangxi goods in 2021 amounted to $50.08 billion with a year-on-year increase of 32.2 percent, exceeding $50 billion for the first time. It became a major drive for the region's cross-border payment growth as the figure accounted for 78.8 percent of the region's cross-border payment.

The cross-border payment between Guangxi and ASEAN countries stood at $18.76 billion, up 14.2 percent year-on-year.

The construction of Guangxi to build an open financial gateway to the ASEAN countries has been listed as a national strategy by the State Council in December 2018. 

Fruitful results were seen like the China-ASEAN Financial City in Nanning's Wuxiang New District which has attracted 285 financial institutes and companies by 2021 and the region has launched 131 reform tasks on the cross-regional application of renminbi towards ASEAN.