Jilin Department of Commerce representatives and BCM's Jilin branch sign a strategic agreement in Changchun. [Photo provided to chinadaily.com.cn]

The Department of Commerce in Northeast China's Jilin province signed a strategic agreement with the Jilin branch of the Bank of Communications -- or BCM -- in Changchun, capital of the province on Aug 5, according to local officials.

Under it, BCM will provide expanded integrated financial services for local foreign trading enterprises, the province's overseas investment enterprises, and foreign-funded companies based in the province.

The agreement will see both sides providing foreign exchange services, enterprise financing services, information and resource sharing, and foreign exchange compliance operations for relevant enterprises in Jilin.

These will cover nine areas including foreign exchange transactions, trade settlements, cross-border financing, trade financing, business consultations, resources sharing and communications and promotions.

Representatives from the two sides discuss details of the agreement. [Photo provided to chinadaily.com.cn]

Cai Puhui -- vice-president of BSM's Jilin branch -- said that in future, relevant companies will get preferential treatment in foreign exchange transactions, trade settlements and trade financing.

Cai said that at the same time, the processing time for applications, acceptances, approvals and loans for the companies would be further shortened.

This would significantly reduce the financing costs for foreign trade and foreign-funded enterprises, he said.

It would also improve financing efficiencies, solve the funding problems of small and medium-sized enterprises and promote their stable operations and development.