Habib Bank, one of the biggest branching network bank in Pakistan which initiated its branch in Urumqi, is seeking opportunities linked with China-Pakistan Economic Corridor (CPEC), a main factor of the Belt and Road Initiative.
Being the beginning point of CPEC, Xinjiang connects the area with Gwadar Port in Pakistan.
CPEC is projected to lure infrastructure investment of $45 billion.
“We have always been very active on the frontlines of the CPEC,” top official of the bank stated.
Bank of Beijing has also made its branch in Urumqi, last week – the capital of Xinjiang.
Per the experts, foreign and domestic financial institutions have been coming into Northwest China’s Xingjiang Uyghur Autonomous Area in previous months, seeing opportunities under China’s “One Belt, One Road” (B&R) ingenuity.
There are plentiful prospects in the sector of infrastructure, as mainstream investment in planned, and that will pull even more companies into Xinjiang.
Wang Yu, one of the top supervisory at the Bank of Beijing branch in Urumqi, mentioned that the it initially came in Xinjiang in 2015 for “seizing the major opportunities of the Belt and Road.”
Wang stated that the bank was focused in financing about infrastructure projects in Urumqi.
At 2016’s end, there were approximately 144 monetary institutions in the area, spanning 15 numerous categories, incorporating investment and personal banking.
The sector of banking of Xinjiang increased 293.8 billion yuan ($42.73 billion) for B&R projects in the area in 2016, reach to 16.18%.
“Most of the opportunities are in the infrastructure sector now because that’s what the government is focused on,” Ma said, directing to a local government target of 1.5 trillion-yuan speculation in fixed assets in 2017.
The contract gives companies located in Xinjiang a “green expressway” to be given on the Shenzhen and Shanghai stock exchanges.
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