Export credit rises
(DA SHAN, China Daily staff)
07/17/2003
The Export-Import Bank of China (China Exim Bank) said it approved 30.33 billion yuan (US$3.7 billion) worth of export credit, and granted 30.02 billion yuan (US$3.6 billion) to domestic companies during the first half of this year. The figures represented an increase of 29.6 per cent and 36.5 per cent respectively compared with the same period last year. By the end of June, the bank had issued a total of 226.2 billion yuan (US$27.3 billion) worth of export credits, supporting exports of machinery and high-tech products worth of US$114 billion. The export credit also supported 413 overseas projects which Chinese companies invested in. By the end of June, the bank's non-performing loans dropped 0.24 percentage points compared with the beginning of the year to 4.77 per cent. Yang Zilin, president of the bank, said that as the country's only export-orientated policy bank, China Exim Bank will continue to provide support for domestic companies which sell electronics and machinery products and high-tech products abroad. It would also provide quality and highly efficient financial services for Chinese companies "going outward," he said. China Exim Bank will expand loan services to Chinese companies which engage in processing trade or contract projects in foreign countries, he said. The bank will provide first priority credit for export of equipment, technology and raw materials, which are demanded by the overseas investment projects, he said. The bank will also support Chinese companies engaged in project contracting, resources exploration and manufacturing businesses in countries where the Chinese Government provides preferential loans, he said. (HK Edition 07/17/2003 page7)
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