Fourth, we need to widen channels to address the financing issue. Since China and CEE countries have different legal frameworks, our collaborative projects may encounter some difficulties. China respects relevant EU standards. And we are ready to explore with the governments of the 16 CEE countries to open more channels and offer preferential policy support to major cooperation projects in a more flexible manner. We should fully leverage the 10 billion U.S. dollars special credit line, study the idea of setting up a 3 billion U.S. dollars investment fund, launch the second phase of China-CEEC investment cooperation fund, and discuss the possibility of a RMB fund for China-CEEC cooperation. The Bank of China, the Industrial and Commercial Bank of China and the China Development Bank have opened branches or representative offices in the CEE region. China supports cooperation with CEE countries in local currency swap, local currency settlement and financial regulation. We propose the setting up of a 16+1 multilateral financial company to reduce financing costs for our cooperation through financial leasing, trade financing, equity investment, PPP and other forms. When Chinese equipment and products are used, China is ready to provide preferential financing support. China's application to join the European Bank for Reconstruction and Development has been approved by its Board of Governors, and is waiting for the approval of its Board of Directors. The two sides are also discussing joint financing, through which CEEC companies can get more funding. China is ready to strengthen financing cooperation through this channel according to EU standards. In addition, the Asian Infrastructure Investment Bank (AIIB), the Silk Road Fund and other financial institutions may also provide support to our cooperation projects.
We should give more attention to SME cooperation and development. The prosperity and progress of a country depends on whether the ingenuity of its entire population is unleashed. This requires the big companies to play the backbone role and also needs the numerous SMEs to harness their vitality and advantage in technological innovation. China is energetically pressing ahead with mass entrepreneurship and innovation. We are ready to work with CEE countries to forge platforms for SME innovation cooperation so that our cooperation will spread into more areas and produce more fruitful results.
China and CEE countries enjoy deep traditional friendship. Close cultural and people-to-people links will consolidate the foundation of our business cooperation. We will designate 2016 as the China-CEEC Year of Cultural and People-to-people Exchanges to make full use of our cooperation platforms in culture, education, science and technology, youth, health and other fields and organize colorful events under the framework.
