Export Credit Has Great Potential in ChinaExport buyers' credit enjoys great development prospects in China as the country's status as a world trade giant increasingly grows, according to Chinese and overseas experts attending a seminar on export buyers' credit held on April 25 by the Export and Import Bank of China (Eximbank). The experts said that, with the constant improvement of China's overall economic strength, more and more Chinese enterprises are competing in the international market with their new and high-tech products.In contrast, the country's export buyers' credit business is still in the primary stage of development in both scale and sophistication. As a result, there is still much to do in this financial sector. A spokesman for Eximbank, China's only official organization handling export credit, said that since the bank's founding in 1994 it has provided US$ 13.12 billion in export credit, of which export buyers' credit made up only 3.3 percent, involving 13 projects and US$ 470 million. The seminar will focus on policy banks' support to the export of domestic enterprises with export buyers' credit patterns that meet international standards. President of Eximbank Yang Zilin said that export buyers' credit is a highly professional business with a very short history in China. However, with increasingly more Chinese enterprises participating in international competition, this sector will win recognition from and be adopted by both importers and exporters. |
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