Bank of Communications President Zhang Baojiang: Adhering to Finance's Core Mission of Serving the Real Economy Is of Paramount Importance

China Development Forum 2026 Annual Conference

The China Development Forum 2026 Annual Conference was held in Beijing from March 22 to 23. The theme of this year’s forum is “China in the ‘14th Five-Year Plan’: High-Quality Development and New Opportunities for Co-Creation.” Bank of Communications President Zhang Baojiang attended and delivered a speech.

Zhang Baojiang shared how blockchain technology can address three major challenges in international cross-border trade: information asymmetry, high trust costs, and complex supply chain levels, using the “Hangkong Digital Chain” project case involving Bank of Communications.

He specifically introduced three aspects of the project:

First, using data transparency to solve trust issues. By recording documents, contracts, and logistics data on the blockchain. As Mr. Wentousi mentioned, the benefit of blockchain is tamper-proof, traceable, and verifiable evidence stored on the chain. Once these data are recorded and traceable, issues like fake bills of lading or lost bills can be resolved, thereby addressing trust problems.

Second, using process transparency to improve efficiency. By digitizing the entire process of customs declaration, logistics, settlement, and financing, achieving online automation, which automatically shortens approval times. For example, verifying the authenticity of offshore trade documents that previously took at least 2 days now takes 30 minutes; oil and gas transaction documents that used to require 6 hours for review can now be completed in 10 minutes. This approach solves efficiency issues through process transparency.

Third, using entity on-chain to enhance collaboration. Previously, ports, shipping, cargo, inspection, customs, and logistics operated in segmented stages, often causing port congestion, vehicle delays, and container issues. Now, through the “Hangkong Digital Chain,” commercial flow, logistics, and capital flow are interconnected, making the entire process very smooth online. Many import and export companies highly recognize this model; currently, about 300,000 enterprises have joined the platform, with transaction volumes reaching 1 trillion RMB.

Zhang Baojiang believes that thanks to Shanghai’s rich application scenarios, these cases are just examples of blockchain technology in cross-border trade. In the future, it can be more widely applied in multimodal transport, bulk supply chain financing, trade credit letters, digital renminbi innovations, and many other fields.

From this case, Zhang Baojiang shared three insights: First, the importance of deepening openness—without high-level opening-up, such innovative scenarios would not be possible. Second, the potential of integrating frontier technologies to transform financial operations. Third, the importance of adhering to the core purpose of financial services for the real economy—without market participants, financial innovation and services lack rich scenarios.

Disclaimer: All conference transcripts are compiled from on-site notes and have not been reviewed by the speakers. Sina.com publishes this article to share more information and does not imply endorsement of the views or verification of the descriptions.

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Editor: Wang Xiang