The Industrial and Commercial Bank of China, or ICBC, plans to extend credit totaling 120 billion yuan (US$14.46 billion) to the Shanghai Municipality over the next five years, according to ICBC President Jiang Jianqing.
Shanghai, the largest city and the financial center of eastern China, will use the funds primarily for key infrastructure construction projects and basic industries. Some of the projects relate to the development of the integrated circuit, chemical, automotive, iron and steel sectors, while others include the first phase of the Yangshan deep-water harbor for containers project, the second phase of the Pudong International Airport project, the cyber port project and the expressway network project.
The ICBC has offered continuous support to Shanghai, which is a locomotive for economic growth in China, according to Jiang. He added that the bank will extend further credit to the city in the future.
The ICBC is one of the four leading state-owned commercial banks in China, with gross assets of approximately 4,000 billion yuan (US$481 billion).
(Xinhua News Agency September 14, 2002)
