An aerial view of the Xiamen Free Trade Zone. [Photo/WeChat account of Xiamen Free Trade Zone]
The Xiamen Free Trade Zone has in recent years been implementing a variety of measures to promote shipping financial elements, significantly improving the business environment for ports and shipping.
To date, the offshore trading platform in the Xiamen FTZ has a business volume of more than $50 billion.
Previously, shipping enterprises faced numerous difficulties in their development. In response to these pain points and challenges, the administrative committee of the Xiamen FTZ conducted research, innovated measures, and optimized the soft environment of shipping finance services.
For example, the Xiamen FTZ has resolved the foreign exchange settlement issue for global procurement business such as overseas refueling and material supply of ships and planes through the pilot of new offshore international trade, foreign exchange service convenience, and financial support.
In the Xiamen FTZ, shipping enterprises can now enjoy more convenient services related to direct financing, indirect financing, foreign exchange settlement, insurance, and other businesses.
Due to the implementation of innovative financial services, aviation and shipping companies have been able to introduce 162 aircraft and 40 vessels through leasing. Nearly 500 users of the domestic and foreign exchange transfer payment for sea freight platform have made 46,300 online payments for sea freight totaling $511 million.