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Memorandum of Understanding of Cooperation to Promote the Development of the Financial Industry in Harbin New District

Harbin New District Management Committee, Harbin Vanke Enterprise Co. Ltd. and VTB Bank (PJSC) Shanghai Branch have signed a memorandum of understanding. Parties have reached a consensus that they will work together to promote the further development of the financial industry and bilateral trade in Harbin new area based on the “China-Russia SciTech Park” project, and carry out extensive cooperation within the scope of pilot financial business service cooperation.

The project intends to build the core model of “Two countries and two parks”, and form a transnational project, opening up high-quality cooperation channels, in the overall planning, operation management, policy support, project introduction, environmental construction. Industry cultivation and financial support in all-round interaction to be established to help positioning of the “Three Districts and One Pole” and build a bridgehead for opening up and cooperation between China and Russia.

Harbin New District, approved by the State Council on December 16, 2015, is the only Chinese national new district and the northernmost National New District in China with the theme of cooperation with Russia.

VTB Bank (PJSC) Shanghai Branch collaborates on developing trade finance between Russia and China offering a wide range of corporate services, including opening and maintaining settlement accounts for Chinese residents and non-residents, international and domestic payments, lending, documentary operations, trade and export finance (including transactions in national currencies), conversion and derivative operations and commodity trading.