Latest News:  
Beijing   Cloudy/Light rain    13 / 7 ℃  City Forecast


360buy inks supply chain financing pledge with BOC

By Zhang Ye (Global Times)

14:01, November 29, 2012

Chinese online B2C retailer may have a hard time competiting with its archrival Alibaba Group, despite its recent launch of a supply chain financing service platform together with the Beijing branch of the Bank of China (BOC), an expert told the Global Times Wednesday.

The cooperation with the bank enables to financially support its more than 10,000 suppliers, whose cash flow will be accelerated, Zhao Guo­qing, chief strategy officer of, said at an agreement signing ceremony Tuesday in Beijing, which was attended by BOC leaders and over 500 suppliers.

On its own, the e-commerce company has financed $1.5 billion in total, and it has now raised additional credit worth more than 5 billion yuan ($802 million) from domestic banking facilities like BOC.

The company has already created an online platform for the service, which provides various financing solutions for suppliers including accounts receivable funding, purchase order financing and trust financing, told the Global Times Wednesday via e-mail.

The company said the move would make its suppliers' capital operations four times more efficient.

【1】 【2】

Recommended Features:
Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance
The Vision of A Pillar Industry China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits
A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'?


Leave your comment0 comments

  1. Name


Selections for you

  1. Anti-aircraft artillery regiment in training

  2. Chinese navy fleet enters West Pacific

  3. Christmas is around the corner

  4. TCM preventive treatment of discease

  5. Death toll hits 11 in NE China capsizing

  6. Ice train to withstand extreme cold

  7. Sexy models pose for 2013 FC Barcelona Calendar

  8. Belgian Farmers Spray Milk At Police In Protest

Most Popular


  1. Will China run out of water by 2030?
  2. What’s behind pupils' bread and milk lunch?
  3. China's solar panel seeking revival at home
  4. Currency swaps to take on bigger role
  5. China's rise opportunity, rather than threat
  6. China's economy picking up steam
  7. Debt crisis handicaps EU foreign affairs
  8. US not a bystander of Israeli-Palestinian conflict
  9. What a successful woman needs ?
  10. Commentary: Experimental financial reforms

What’s happening in China

Detective-Conan-themed Lawson convenience store opens in Shanghai

  1. Billionaire quits political post
  2. Fired officials aided poachers
  3. Whistle-blower arrested for economic crimes
  4. Police chief helped drug dealers: cops
  5. Birth rule could be relaxed