|
The Export-Import Bank of China (China Exim Bank) is trying to explore new methods of financing to help domestic companies invest abroad.
Addressing a workshop in Beijing on Friday, President Li Ruogu said his bank would beef up co-operation with international organizations such as the World Bank and the Asian Development Bank to expand the co-financing business.
"This is helpful for the China Exim Bank to develop its export-oriented business," he said.
The bank was established in 1994 to mainly support exports of the country's machinery and electronics products.
It has issued 400 billion yuan (US$49.3 billion) worth of loans in the past 11 years, 85 per cent of which were used to fund the export of machinery and electronics products.
During the first half of this year, the bank approved 95.5 billion yuan (US$11.8 billion) in loans, up 136 per cent from a year ago.
The bank already supports domestic companies which invest in foreign countries.
It also supports firms engaged in project contracting, resources exploration and manufacturing businesses abroad.
On Friday, the bank signed an agreement with China Minmetals Corp to provide up to US$2 billion for the firm to invest in foreign countries within the next three years.
Economists said supporting companies investing in foreign countries was an important function for the bank.
This function has become more important in recent years, as more domestic companies have become interested in international co-operation and competition.
Li said that as China's economy develops further, China Exim Bank would also look at helping imports through such things as foreign resources, technology and key equipment which are needed for China's economic development, Li said.
It will also explore ways to support the country's agricultural development, he said.
(China Daily November 12, 2005)
|
