China expands financial services in Africa: report

Chinese financial institutions have continuously expanded services in Africa to ramp up bilateral economic and trade cooperation and promote development in Africa, an official report said.

By the end of 2020, seven Chinese banks had set up 15 branches in Africa, according to the China-Africa Economic and Trade Relationship Annual Report (2021) released Saturday.

The report came ahead of the Second China-Africa Economic and Trade Expo scheduled in Changsha, capital of central China's Hunan Province, from Sept. 26 to 29.

A variety of services have been offered in Africa by Chinese financial institutions at all levels, including large state-owned, policy-oriented, and private banks.

By the end of 2020, China's top banking and insurance regulator had signed memorandums of understanding on regulatory cooperation with seven African countries to promote information sharing, strengthen regulatory cooperation, and constantly optimize cross-border financial supervision.