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China and Indonesia intensify joint efforts to enhance financial cooperation .
“The establishment of Bank Indonesia Representative Office in Beijing is envisioned to advance the economic and financial ties between the two countries as well as to foster understanding of economic and financial development and policies in China， and the implications for Indonesia，” said Governor of Bank Indonesia Agus D.W. Martowardojo in a statement released on Jan. 12， 2018.
Martowardojo noted in the statement that the decision to open the representative office is aimed at strengthening the relationship between the Central Bank of Indonesia and its Chinese counterpart， the People's Bank of China. “This is also in line with the increasing role of China in the regional and global economy， including for Indonesia，” he added. The People's Bank of China also said in a statement that “the establishment of Bank Indonesia Representative Office in Beijing will help enhance the cooperation between the central banks of both sides and further promote bilateral financial and trade relations.”
This signifies that relations between China and Indonesia， the latter being the largest economy in Southeast Asia， are continually being strengthened. With trade ties increasing， cooperation between Indonesia’s and China's respective financial institutions has also deepened， laying a solid foundation for further economic collaboration.
Since the resumption of diplomatic ties between China and Indonesia in 1990， economic and trade cooperation has played a vital role in the development of Sino-Indonesian relations. Statistics show that imports and exports between the two countries have maintained a relatively rapid rate of growth since 2007， higher than the growth rate of China's imports from ASEAN member states as a whole. With establishment of the China-ASEAN Free Trade Area in 2010， bilateral trade and investment has been further facilitated and liberalized. Between 2010 and 2011， total import and export volume between the two sides increased by nearly 50 percent. In 2013， China became Indonesia’s largest source of imports as well as its second largest export market.
In terms of foreign direct investment （FDI）， Singapore， Japan and South Korea have traditionally been Indonesia’s main source of investment. In contrast， China and Indonesia still have room to explore further financial cooperation. In 2003， Bank of China's Jakarta branch resumed its banking services for both business and non-business transactions， marking the initial efforts of both sides to strengthen the presence of financial institutions in each other’s countries. In September 2007， Bank ICBC Indonesia was established through the acquisition of Bank Halim Indonesia by the Industrial Commercial Bank of China （ICBC）. Indonesia's Bank Mandiri opened its Shanghai office in March 2003， becoming the first Indonesian bank to set up offices in China， and officially established its Shanghai branch （BMSH） in November 2011. The latest entrant to the Indonesian financial market was China Construction Bank （CCB）. On Feb. 24， 2017， the inauguration ceremony of CCB Indonesia – the result of a merger between Indonesia's PT Bank Windu Kentjana International Tbk and PT Bank Antardaerah – was held in Indonesia's capital Jakarta. In September 2016， the CCB completed the acquisition of a 60-percent stake in Indonesia's Bank Windu， and with the approval of both Chinese and Indonesian authorities， Bank Windu officially changed its name to PT Bank China Construction Bank Indonesia Tbk. As of the end of 2016， CCB Indonesia had established a network of 112 offices in 15 provinces across Indonesia， providing a broad range of financial products and services to local clients through diversified channels.
The then-CCB Chairman Wang Hongzhang explained why the decision to launch operations in Indonesia was based on China and Indonesia's close trade and investment ties and the high complementary of the two economies. Given the country's strong demand for both export and domestic consumption， Indonesia， where China first proposed the 21st Century Maritime Silk Road， enjoys broad prospects for future economic growth and financial industry development. Indonesia’s current administration also aspires to improve the country’s business environment and increase investment in infrastructure. With its specialization in infrastructure project financing， the CCB will have a big role to play. Wang spoke highly of the acquisition of Bank Windu. “The newly-launched CCB Indonesia triggered a positive response from the local market，” he said. “Its share price kept rising， up to 50 percent， shortly after the acquisition.”
In addition to the enhanced presence of financial institutions in each other’s countries， China and Indonesia have also achieved tangible results in the area of financial cooperation. In March 2008， the People's Bank of China and Bank Indonesia signed a currency-swap agreement with a total value of 100 billion yuan （US$15.9 billion）. On June 4， 2015， the China Banking Regulatory Commission and Financial Services Authority of Indonesia signed a memorandum of understanding on strengthening information sharing and cooperation in financial regulation. As of the end of September 2016， China Development Bank had provided support to 57 projects in Indonesia， with a total commitment of US$14.49 billion and a loan balance of US$9.72 billion. Covering such key areas as finance， power plants， coal， ferronickel and paper making， these projects created a total of roughly 50，000 jobs and wrote a new chapter in Sino-Indonesian financial cooperation. In spite of these successful experiences， further financial cooperation between the two countries faces continuing challenges. According to the Blue Book of Indonesian Economy： Annual Report of Indonesian Economic Development published by the Social Sciences Academic Press of China in December 2017， Indonesia's financial system is underdeveloped and the coverage of financial services in the country remains low.
With a market share of about 50 percent， four of Indonesia's major national banks saw slowed growth over the past two years. Although the Indonesian stock market has continued to rise since September 2015， the country's net FDI experienced negative growth due to a variety of factors in the external environment， indicating foreign investors’ worries about the state of the Indonesian market. The Indonesian government has made great efforts in promoting the financial industry， especially banking services and insurance coverage. But Indonesia’s financial sector remains relatively small and there is ample room for the development of the industry.
The Blue Book report also pointed out that while the current Indonesian administration has made remarkable achievements in promoting economic development， it still faces numerous challenges which give rise to uncertainties in the area of industrial cooperation between China and Indonesia.
“The establishment of Bank Indonesia Representative Office in Beijing is envisioned to advance the economic and financial ties between the two countries as well as to foster understanding of economic and financial development and policies in China， and the implications for Indonesia，” said Governor of Bank Indonesia Agus D.W. Martowardojo in a statement released on Jan. 12， 2018.
Martowardojo noted in the statement that the decision to open the representative office is aimed at strengthening the relationship between the Central Bank of Indonesia and its Chinese counterpart， the People's Bank of China. “This is also in line with the increasing role of China in the regional and global economy， including for Indonesia，” he added. The People's Bank of China also said in a statement that “the establishment of Bank Indonesia Representative Office in Beijing will help enhance the cooperation between the central banks of both sides and further promote bilateral financial and trade relations.”
This signifies that relations between China and Indonesia， the latter being the largest economy in Southeast Asia， are continually being strengthened. With trade ties increasing， cooperation between Indonesia’s and China's respective financial institutions has also deepened， laying a solid foundation for further economic collaboration.
Since the resumption of diplomatic ties between China and Indonesia in 1990， economic and trade cooperation has played a vital role in the development of Sino-Indonesian relations. Statistics show that imports and exports between the two countries have maintained a relatively rapid rate of growth since 2007， higher than the growth rate of China's imports from ASEAN member states as a whole. With establishment of the China-ASEAN Free Trade Area in 2010， bilateral trade and investment has been further facilitated and liberalized. Between 2010 and 2011， total import and export volume between the two sides increased by nearly 50 percent. In 2013， China became Indonesia’s largest source of imports as well as its second largest export market.
In terms of foreign direct investment （FDI）， Singapore， Japan and South Korea have traditionally been Indonesia’s main source of investment. In contrast， China and Indonesia still have room to explore further financial cooperation. In 2003， Bank of China's Jakarta branch resumed its banking services for both business and non-business transactions， marking the initial efforts of both sides to strengthen the presence of financial institutions in each other’s countries. In September 2007， Bank ICBC Indonesia was established through the acquisition of Bank Halim Indonesia by the Industrial Commercial Bank of China （ICBC）. Indonesia's Bank Mandiri opened its Shanghai office in March 2003， becoming the first Indonesian bank to set up offices in China， and officially established its Shanghai branch （BMSH） in November 2011. The latest entrant to the Indonesian financial market was China Construction Bank （CCB）. On Feb. 24， 2017， the inauguration ceremony of CCB Indonesia – the result of a merger between Indonesia's PT Bank Windu Kentjana International Tbk and PT Bank Antardaerah – was held in Indonesia's capital Jakarta. In September 2016， the CCB completed the acquisition of a 60-percent stake in Indonesia's Bank Windu， and with the approval of both Chinese and Indonesian authorities， Bank Windu officially changed its name to PT Bank China Construction Bank Indonesia Tbk. As of the end of 2016， CCB Indonesia had established a network of 112 offices in 15 provinces across Indonesia， providing a broad range of financial products and services to local clients through diversified channels.
The then-CCB Chairman Wang Hongzhang explained why the decision to launch operations in Indonesia was based on China and Indonesia's close trade and investment ties and the high complementary of the two economies. Given the country's strong demand for both export and domestic consumption， Indonesia， where China first proposed the 21st Century Maritime Silk Road， enjoys broad prospects for future economic growth and financial industry development. Indonesia’s current administration also aspires to improve the country’s business environment and increase investment in infrastructure. With its specialization in infrastructure project financing， the CCB will have a big role to play. Wang spoke highly of the acquisition of Bank Windu. “The newly-launched CCB Indonesia triggered a positive response from the local market，” he said. “Its share price kept rising， up to 50 percent， shortly after the acquisition.”
In addition to the enhanced presence of financial institutions in each other’s countries， China and Indonesia have also achieved tangible results in the area of financial cooperation. In March 2008， the People's Bank of China and Bank Indonesia signed a currency-swap agreement with a total value of 100 billion yuan （US$15.9 billion）. On June 4， 2015， the China Banking Regulatory Commission and Financial Services Authority of Indonesia signed a memorandum of understanding on strengthening information sharing and cooperation in financial regulation. As of the end of September 2016， China Development Bank had provided support to 57 projects in Indonesia， with a total commitment of US$14.49 billion and a loan balance of US$9.72 billion. Covering such key areas as finance， power plants， coal， ferronickel and paper making， these projects created a total of roughly 50，000 jobs and wrote a new chapter in Sino-Indonesian financial cooperation. In spite of these successful experiences， further financial cooperation between the two countries faces continuing challenges. According to the Blue Book of Indonesian Economy： Annual Report of Indonesian Economic Development published by the Social Sciences Academic Press of China in December 2017， Indonesia's financial system is underdeveloped and the coverage of financial services in the country remains low.
With a market share of about 50 percent， four of Indonesia's major national banks saw slowed growth over the past two years. Although the Indonesian stock market has continued to rise since September 2015， the country's net FDI experienced negative growth due to a variety of factors in the external environment， indicating foreign investors’ worries about the state of the Indonesian market. The Indonesian government has made great efforts in promoting the financial industry， especially banking services and insurance coverage. But Indonesia’s financial sector remains relatively small and there is ample room for the development of the industry.
The Blue Book report also pointed out that while the current Indonesian administration has made remarkable achievements in promoting economic development， it still faces numerous challenges which give rise to uncertainties in the area of industrial cooperation between China and Indonesia.