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Last updated at: (Beijing Time) Thursday, February 07, 2002

Bank Extends 3 Billion-Yuan Credit Line to New Development Zone

The Agricultural Bank of China (ABC) has agreed to provide loans worth three billion yuan (361 million U.S. dollars) in the coming five years to the new development zone in Wuxi, a booming city in east China's Jiangsu Province. The agreement was signed in the city Wednesday.


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The Agricultural Bank of China (ABC) has agreed to provide loans worth three billion yuan (361 million U.S. dollars) in the coming five years to the new development zone in Wuxi, a booming city in east China's Jiangsu Province. The agreement was signed in the city Wednesday.

Deputy Governor of the bank Zhang Yun said at the ceremony that his bank will offer more services to the city and cooperate more closely with it. In addition to the loan, the bank will offer other financial services such as clearance in RMB and in foreign currencies.

The development zone in Wuxi will use the loan to complete its second phase of construction.

The first phase has attracted 474 foreign-funded companies who have spent 4.75 billion U.S. dollars. Wuxi's 2001 GDP was 10 billion yuan (1.2 billion U.S. dollars), up 42.3 percent on the previous year.





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