Bishkek, May 4, 2025. /Kabar/. A bilateral meeting of representatives of Kyrgyzstan and the People's Republic of China was held in Beijing as part of the meeting of finance ministers and chairmen of central (national) banks of the member states of the Shanghai Cooperation Organization (SCO).
According to the Ministry of Finance, the Kyrgyz side was represented by Finance Minister Almaz Baketaev and Chairman of the National Bank Melis Turgunbaev. The Chinese side was represented by PRC Finance Minister Lan Fo'an.
The Kyrgyz delegation expressed gratitude for organizing the meeting and emphasized the strategic importance of deepening financial and economic cooperation between the two countries. During the talks, special attention was paid to the development of payment infrastructure and cross-border settlements.
In particular, the possibility of connecting state-owned banks of Kyrgyzstan to the Chinese international interbank settlement system CIPS (Cross-Border Interbank Payment System) was discussed. According to the Kyrgyz side, this will create a stable and secure channel for bilateral settlements in yuan, reduce transaction costs and reduce dependence on the use of third currencies.
The Kyrgyz Republic expressed its readiness to hold consultations with Chinese competent authorities on regulatory and technical assessment issues, as well as interest in assistance in opening correspondent accounts in authorized banks of the PRC.
An initiative was also voiced to create or acquire a licensed payment organization in China. Such a structure will provide direct access to the national payment systems of the PRC - including CIPS, CNAPS, UnionPay and others - and simplify settlements between Kyrgyz and Chinese companies and citizens.
The Ministry of Finance of Kyrgyzstan confirmed its readiness for a systemic dialogue with the People's Bank of China, the National Administration of Financial Regulation, as well as for establishing direct contacts with potential financial partners in China.
The Kyrgyz side emphasized that it is open to a strategic partnership in the field of settlement infrastructure and considers it an important step towards strengthening bilateral cooperation and supporting the real sector of the economy of both countries.