| Last updated at: (Beijing Time) Monday, November 19, 2001 |
Exim Bank Opens Banking Department in Beijing |
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The Export and Import Bank of China (Exim Bank), a policy bank under the State Council, opened a Banking Department in Beijing November 18. Following the acceptance of China's WTO entry, the department is the Exim Bank's second business department after the first one was built in Shanghai.
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The Export and Import Bank of China (Exim Bank), a policy bank under the State Council, opened a Banking Department in Beijing November 18. Following the acceptance of China's WTO entry, the department is the Exim Bank's second business department after the first one was built in Shanghai.
Exim Bank president Yang Zilin said at the opening ceremony that this department will provide the bank with greater development opportunities.
Following China's entry into the WTO, the Chinese government will pay more attention to policy financial tools, which complies with international norms and the WTO rules, for such instruments as export credit, said Yang, adding that the Exim Bank will play a bigger role in this regard.
He noted that the establishment of this department will help improve the Exim Bank's services, expand businesses in north China and further raise the quality of credit assets.
| The Exim Bank, set up in July 1994, has extended various types of loans totaling 160 billion yuan (about 19 billion U.S. dollar s), offered guarantees totaling nearly 2.8 billion U.S. dollars, and assisted the export of electro-mechanical goods and new- and high-tech products valued at about 68 billion U.S. dollars.
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