The "Development Report of China's Trade Finance Industry (2023-2024)" recently released by the China Banking Association pointed out that according to incomplete statistics from the Trade Finance Professional Committee of the China Banking Association, the international settlement scale of major commercial banks in China reached a new historical high of $11.57 trillion in 2023, an increase of 4.4% compared to the previous year; The total amount of domestic letter of credit settlement has significantly increased compared to the previous year, with a scale exceeding 3 trillion yuan, an increase of 24.9%; Both domestic factoring and international factoring businesses have maintained rapid growth, with growth rates of 34.7% and 16.7% respectively. Domestic factoring business remains the main growth point, accounting for 94%. The report points out that in the field of trade finance, banking and financial institutions are increasing innovation in digital finance, inclusive finance, and green finance businesses, exploring the application of industry chain data models for credit based on data assets, using big data risk control technology to improve the quality and efficiency of pre loan due diligence and post loan monitoring, and reshaping service efficiency through automated and intelligent processes. Strengthen support for convenient credit services for inclusive small and micro foreign trade enterprises, and support innovative inclusive financial services through comprehensive technological cooperation and linkage between government, banks, and enterprises. Commercial banks are continuously improving their service capabilities and levels for green finance customers, expanding the scope of services and financing channels for green customers, and helping to achieve the "dual carbon" goal. The report suggests that commercial banks should identify the positioning of trade finance work, continuously improve their physical capabilities in trade finance services, and focus on resolving trade finance risks and hidden dangers. At the same time, commercial banks should focus on enhancing their cross-border supply chain financial service capabilities, supporting the integrated development of domestic and foreign trade, and improving the stability and competitiveness of the overall industrial chain and supply chain. To create ecological level trade finance services and provide customers with high-quality comprehensive financial service solutions covering the entire life cycle of inventory, accounts receivable, prepayments, etc., empowering the development of all links and scenarios in the industrial chain. (New Society)