Zhejiang Commercial Bank's "Cross-Border Finance": A "Travel Companion" for Over Ten Thousand Zhejiang Merchants and Private Enterprises Going Global

In 2026, the National People’s Congress explicitly proposed to “promote stable trade scale and optimized structure,” increase support through credit and export insurance, and expand the cross-border use of RMB. It also emphasized “guiding enterprises to optimize global market layout, promote integrated development of trade and investment, and domestic and foreign trade integration,” setting a clear direction for Chinese companies to go global with high quality. Against the backdrop of steadily expanding institutional opening and building a higher-level open economy system, Zhejiang entrepreneurs—China’s most active force in going abroad—are transforming from scale expansion in “going out” to value deepening in “integrating in,” using real economy as a sail to reshape “a Zhejiang” on the global map. According to incomplete statistics, about 2 million Zhejiang entrepreneurs are investing and starting businesses abroad. From industrial parks in Southeast Asia to trade corridors in Africa, Zhejiang entrepreneurs’ globalization pace is resonating in sync with the country’s high-level opening-up.

Finance is the lifeblood of the real economy and the core support for enterprises to sail through waves abroad. As an important financial force rooted in Zhejiang and serving Zhejiang entrepreneurs, Zheshang Bank always regards deepening service for Zhejiang entrepreneurs and supporting real economy as its mission. Relying on the dual international platforms of “Hong Kong Branch + FTU (Free Trade Zone Sub-account Unit)” in free trade zones, the bank has innovatively built five cross-border financial service systems covering global account settlement, integrated liquidity lending, one-stop investment and financing for trade and investment, immersive foreign exchange trading, and scenario-based new foreign trade formats. These precisely respond to the NPC’s call to “increase financial support for real economy going abroad,” providing full lifecycle financial solutions for Zhejiang entrepreneurs at different stages of their internationalization.

During the 14th Five-Year Plan period, Zheshang Bank closely followed national policies on opening-up and the development of the “Sweet Potato Economy,” continuously increasing cross-border financial services to safeguard the development of an open economy. In 2025, the bank provided cross-border financial services to over 24,000 “going out” enterprises, nearly half of which are based in Zhejiang Province. This practical action implements the policy of “supporting high-quality development of the private economy and helping enterprises optimize global layout,” becoming a solid partner for thousands of Zhejiang private enterprises to go abroad.

Smooth Settlement: Building a “Highway” for Global Funds

The timeliness and cost of cross-border settlement directly affect the cash flow and competitiveness of “going out” enterprises, and are key to implementing the NPC’s requirement to “improve cross-border trade facilitation.” To address the pain points of traditional remittance processes—multiple steps and slow arrivals—Zheshang Bank launched the upgraded “Yongjin Global Remit 2.0,” dedicated to paving a “high-speed highway” for enterprise settlement.

The core advantage of this product lies in its wide currency coverage and efficient direct processing capability. Besides rapid full receipt in major currencies like USD and EUR, it also offers cross-border payments in over 100 currencies and receipt services in more than 30 currencies, accurately matching the actual needs of cross-border enterprises expanding into Southeast Asia, the Middle East, Africa, and other emerging markets.

An example is Zhejiang Tianyan Holding Co., Ltd. Some of its products are exported to Nigeria and other African countries. Previously, due to local foreign exchange shortages, payments had to be split into multiple currency exchanges, resulting in receivables taking weeks or even months to arrive, with high uncertainty. The “Yongjin Global Remit 2.0” small-currency receipt function enabled the company to successfully receive USD payments exchanged from Nigerian Naira, greatly improving collection speed and reducing exchange rate risk. In 2025, Zheshang Bank provided cross-border settlement services exceeding $490 billion, with over $70 billion for enterprises within Zhejiang Province.

Zhejiang Tianyan Holding Co., Ltd. Product Showroom

Financing Breakthroughs: Clearing the “Lifeline” for Going Out Enterprises

The journey of going abroad begins with key investments and continues with sustained capital. However, “difficult and expensive financing” remains a common challenge for private enterprises’ globalization. In response, Zheshang Bank aligns with the NPC’s guidance of “targeted support for private economy,” offering a comprehensive suite of cross-border financing services covering project initiation, operational turnover, and expansion mergers, tailored to specific scenarios at each stage of enterprise internationalization.

Particularly for manufacturing entities, establishing overseas factories often faces project financing challenges. For example, Jingxing Paper, headquartered in Pinghu, Jiaxing, a leading domestic paper manufacturer, built a production base in Malaysia. Its overseas subsidiary once faced practical needs for cross-border fund coordination and localized financing.

Zheshang Bank Jiaxing Branch proactively engaged, leveraging the relatively loose RMB interest rate environment, breaking traditional credit models, and directly providing RMB 50 million short-term operational loans to Jingxing Paper’s Malaysian subsidiary, quickly responding to its financing structure needs and effectively supporting daily overseas operations.

Zhejiang Jingxing Paper Co., Ltd. Production Workshop

Similarly, a Zhejiang A-share listed company faced difficulties in “credit and slow financing” for its overseas subsidiary. As a leader in the domestic automotive wheel forging industry, it planned to establish an overseas production base in Thailand. Zheshang Bank Taizhou Branch customized a “cross-border asset pool” financing plan. After opening an NRA (Non-Resident Account) for the Thai subsidiary and signing resolutions, the bank disbursed RMB 30 million the next day and promptly handled payment for goods. This not only efficiently activated domestic credit resources but also precisely supplemented overseas operational funds.

Zhejiang A-share listed company aluminum alloy wheel digital workshop

In 2025, Zheshang Bank provided cross-border financing exceeding RMB 250 billion, with nearly RMB 50 billion for Zhejiang enterprises. Through scenario-based and customized product design, the bank continues to inject financial momentum into “going out” enterprises, helping them maintain steady progress in global competition.

Fortifying Against Fluctuations: Building a “Hedge” for Exchange Rate Risks

The complex and volatile global trade environment, along with exchange rate fluctuations, has become a significant factor affecting the profits of “going out” enterprises. Zheshang Bank actively advocates and helps enterprises establish a “risk-neutral” mindset. Through technological empowerment and product innovation, it constructs a “firewall” for exchange rate risk management.

For example, a leading stainless steel manufacturer in Wenzhou, with business across multiple countries and large foreign exchange inflows and outflows, faces urgent and complex exchange rate risk management needs.

“We can assist qualified enterprise clients to lock global exchange rates with a single click without occupying margin, especially providing convenient and efficient exchange rate management solutions for multinational companies,” said Yang Yun, Product Manager at Wenzhou Branch.

Addressing enterprise pain points, Zheshang Bank uses the “Zheshang Data Insurance” big data credit model to determine special derivative trading limits based on actual trade data, significantly reducing margin requirements for foreign exchange derivatives. Additionally, leveraging the advantages of Hong Kong Branch and FTU in free trade zones, cross-border coordination is used to design comprehensive exchange rate hedging solutions covering both onshore and offshore markets. This allows enterprises to choose between flexible FT accounts and Hong Kong market products, effectively locking in favorable rates and lowering foreign exchange costs.

“With our system, enterprise users can easily initiate and check transactions via mobile, greatly simplifying the process,” Yang Yun added. By 2025, Zheshang Bank’s cumulative foreign exchange hedging services for “going out” enterprises exceeded $4 billion, solidifying its role as a financial “stabilizer” in their global operations.

Beyond large group cross-border solutions, Zheshang Bank has launched more inclusive and convenient tools for small and medium-sized foreign trade enterprises. The newly launched “ZheYin Global Trading Treasure,” a one-stop foreign exchange trading platform, features real-time online trading, entrusted orders, night trading, and integrated global news, meeting enterprises’ needs for efficient trading and professional information, enabling them to manage exchange rate risks anytime, anywhere.

Statistics show that in 2025, Zheshang Bank provided foreign exchange hedging services exceeding $180 billion for various “going out” enterprises, nearly $50 billion of which are Zhejiang-based.

From traditional trade settlement and financing to comprehensive cross-border financial services covering the entire “going out” chain, Zheshang Bank’s role is evolving from “service provider” to “strategic partner.”

Looking ahead, Zheshang Bank will closely follow government work reports and key provincial development strategies, deepen the “deeply cultivating Zhejiang” approach, focus on serving Zhejiang entrepreneurs, especially “new quality Zhejiang entrepreneurs” and “young Zhejiang entrepreneurs.” It will leverage its strengths in sci-tech finance and cross-border finance, continuously improve service quality, and build the “Zheshang Bank serving Zhejiang entrepreneurs worldwide” brand. Meanwhile, in line with national policies to “steadily expand institutional opening” and “promote integrated trade and investment,” the bank will continue expanding RMB cross-border usage scenarios and optimize its cross-border financial product system.

A relevant leader from Zheshang Bank’s International Business Department stated: “We will uphold the original mission of ‘finance serving the real economy,’ continuously innovate and integrate cross-border financial products, enhance digital and intelligent service levels, and respond more swiftly with comprehensive solutions and considerate services, helping Zhejiang entrepreneurs sail through waves and supporting the construction of a higher-level open economy system.”