China Daily: China will actively solve international factoring problems
Release Date: 2017-08-29
China Daily website April 2, 2017 News March 30，CAI Baoxiang, general manager of Yueda Commercial Factoring Co., LTD., said when attending the 5th China Commercial Factoring Industry Summit held in Tianjin，Chinese commercial factoring companies are trying to build their own comprehensive service platform for foreign trade，Break the situation that China cannot carry out international factoring business。
"The international factoring business is still difficult to overcome from the perspective of commercial factoring companies, the main reason is that China's foreign exchange management system requirements are relatively high," CAI said。
"Factoring companies are currently exploring some innovative ways, including building their own comprehensive foreign trade service platform to directly connect with foreign buyers, and the platform is currently in the early stage of research," CAI said。
Gilles Sablin, from UK-based factoring firm Advance Global Capital, said in an interview that he came to the summit to better understand the Chinese market and seek partners。
"The demand for international factoring is huge, and in talking to Gilles, I found that his clients in foreign countries are buyers of our small and medium-sized enterprises," CAI said。
At present, the difficulty of China's international factoring business lies in the fact that factoring companies that guarantee financing for small and medium-sized enterprises do not have foreign exchange sources, and when doing business settlement, factoring companies must sell foreign exchange to banks after receiving foreign exchange, and cannot remit it directly to China's export companies。
"The problem of international factoring business is not that it cannot be broken through, we have successful cases at present, but it is only through special applications, and the relevant government departments need to actively explore innovation in the future," said Sun Yang, director of the Financial Bureau of the Central Business District Management Committee of Binhai New Area, Tianjin。
Last year, Dadao Factoring, a private enterprise from Zhejiang Province, promoted export tariffs of 80 million yuan, service trade of 200 million US dollars, and provided export traders with more than 400 billion US dollars of export goods factoring business。
Since the second half of 2012, the Ministry of Commerce launched the commercial factoring pilot in some parts of the country, China's commercial factoring industry has developed rapidly。As of December 31, 2016, the number of registered commercial factoring companies in China reached 5,584, and Shenzhen, Tianjin and Shanghai became the three major gathering places of factoring enterprises, accounting for 87 of the number of registered enterprises in the country.8%。
"China is the major leader in global commercial factoring in the future，Will be through Alibaba and other business giants to cross-border e-commerce, investment, mergers and acquisitions, cooperation in other ways，Even logistics and warehousing have been boosted，It will become a sunrise industry in the future，Wei Jianguo, Executive deputy director of the Executive Board of the China International Economic Exchange Center and former Vice Minister of the Ministry of Commerce, said。
