Eleven Chinese banks have set up 55 affiliates among 23 countries along the Belt and Road region by June of this year, including 15 subsidiaries, 31 branches, 8 representative offices and one joint venture, according to China Banking Regulatory Commission (CBRC), the country's top banking regulator.
Fan Wenzhong, head of International Department at CBRC, said that such affiliates set up by Chinese banks were mostly located in Southeast Asia and West Asia. There was still untapped potential in Central Asia and other places.
Meanwhile, along with China's further opening-up, 55 commercial banks from 21 countries along the Belt and Road have set up affiliates in China by June, including 7 subsidiaries, 17 branches and 41 representative offices.
CBRC has signed Memorandum of Understanding (MOUs) on bilateral banking supervision with 27 countries along the Belt and Road by June. The banking regulator will enhance cooperation with the other countries along the Belt and Road and sign more MOUs, according to Fan.