Xu Huimin, member of the Standing Committee of CPC Suzhou Municipal Committee and secretary of CPC SIP Working Committee, inspected SIP-based financial institutions on Dec 29. Xu requested SIP to lay emphasis on the development of financial industry and keep on pursuing innovation to build SIP into a regional financial center.

Xu and other officials visited China Development Bank (CDB) Suzhou Branch, Agricultural Bank of China (ABC) Suzhou Branch, SPD Bank Suzhou Branch, Construction Bank of China (CBC) Suzhou Branch to find out about the operation of financial institutions.

Depending on the platform of Sino-Singapore financial cooperation, SIP has introduced more initiatives of financial reform and innovation and kept improving the radiating function of financial center in recent years.  

At the following meeting, ten financial institutions including Industrial and Commercial Bank of China Suzhou Branch, ABC Suzhou Branch, Bank of China Suzhou Branch, CBC Suzhou Branch, Bank of Communications Suzhou Branch, etc., held in-depth discussions on the status quo and the suggestions for SIP financial industry's development.

Xu commented positively on their efforts, emphasizing that they should continue to enlarge and strengthen the financial industry and constantly step up the construction of financial carriers and platforms.

He added that The financial institutions should also seek innovative development, actively increase their volume of business, and play the role of regional financial center with SIP as the base and the Yangtze River Delta in view.

Xu suggested that various financial institutions explore the possibility of setting up the "going out" league along with SIP, actively go out to the central and western regions and to the "Belt and Road Initiative" area, and expand business scale and enhance development level with concerted effort. 

In terms of their own development, Xu proposed that the banks should strive for more financial institutions with headquarters functions from their head offices, make various financial innovations in business, and grope for better ways of doing domestic and overseas merger and regrouping.