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Jointly Promote Financial Cooperation for Win-win Development
Speech by Ambassador Xie Feng at CCB Indonesia Inauguration

On Febrary 24th, Ambassador Xie Feng attended the Inauguration Ceremony for China Construction Bank (Indonesia) Co. Ltd and made a speech.

Ambassador Xie Feng said, CCB comes to Indonesian at exactly the right time with great significance for Sino-Indonesia bilateral cooperation. First, CCB had seized the historical opportunity of Indonesia's economic take-off. At present, Indonesia is vigorously developing infrastructure and promoting industrialization. CCB Indonesia would become a new source of capital and financing channel for Indonesia, providing more diversified investment and financing options.

Second, CCB had followed the trend of growing bilateral cooperation between China and Indonesia. In recent years, under the leadership of President Xi Jinping and President Joko Widodo, China and Indonesia have been working together to synchronize the 21st Century Maritime Silkroad initiative with Global Maritime Fulcrum strategy. And bilateral cooperation has been expanding continuously. In 2016, while maintaining its status as Indonesia’s largest trading partner, China had grown from the 10th to the 3rd largest investor for Indonesia. In 2016, investment from the Chinese mainland and Hong Kong SAR had increased by a staggering 213 percent to reach 4.91 billion US dollars. Last year also registered a record number of 1.43 million tourists from Chinese mainland, making China Indonesia’s largest source of overseas tourists. In the years to come, bilateral business cooperation and people-to-people exchanges would continue to grow. We need strong financial support. The CCB Indonesia would inject new impetus to Sino-Indonesia overall cooperation.

Third, CCB Indonesia marked a new step in Sino-Indonesia financial cooperation. Our bilateral currency swap agreement has been expanded to 130 billion RMB. Aside from CCB, China Development Bank, China Exim Bank and major commercial banks, including Bank of China and ICBC has all provided diversified and competitive financing services. For example. China Development Bank has released 3 billion US dollar worth of loans to Bank Indonesia, BRI and Bank Mandiri with a tenure of 10 years. It had played a positive role in boosting Indonesia’s market confidence and stabilizing foreign exchange rate. ICBC Indonesia offered 500 million US dollars in loan to the Indonesian Exim Bank on a 5-year agreement to help finance infrastructure development and signed another agreement with BTN for housing loans worth 692 million US dollars to support the government’s program to build a million homes per year.

As remarked by Ambassador Xie Feng, such financial commitment shows China’s full confidence in the Indonesian economy and win-win cooperation between the two countries. It also demonstrates the commitment of Chinese financial institutions to grow together with Indonesia.

Ambassador Xie Feng said, at present, against the rise of anti-globalization and protectionism, the growth of global economy still lacks momentum and financial market is subject to greater volatility and uncertainty. At such difficult times, the international community should commit to building an open global economy to share opportunities and achieve win-win outcomes.

Ambassador Xie Feng said, China and Indonesia are not just good neighbors and good friends. We are also good partners in jointly building the One Belt and One Road. Under the principle of joint consultation, joint building and benefit sharing, China is ready to work with Indonesia to promote connectivity in policy, infrastructure, trade, finance and people-to-people exchanges. Our strong cooperation and shared commitment to globalization would not only deliver win-win outcomes to our people but also new growth momentum for the world economy.

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