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CDB, ICBC in Bank Bill Cooperation
The Industrial and Commercial Bank of China (ICBC) and the China Development Bank (CDB) signed an agreement on Wednesday in Beijing on the acceptance of bank bills, marking that the CDB has become China's first policy bank to handle bank bill businesses.
To meet the challenges to be faced with after China's entry into the World Trade Organization, the ICBC has further readjusted its business strategies, providing higher quality financial services and more innovative financial products for clients.
In the first four months of the year, the outstanding amount of the ICBC's debts to banks rose 44.7 percent from the same period last year and 39.5 percent from the beginning of this year.
The CDB is China's largest policy bank. It has made significant contribution to the construction of the country's infrastructure, basic industries and key projects.
A spokesman for the ICBC said that the bank has been cooperating closely with the CDB on the granting of loans, factoring a total of 633 projects by extending 62 billion yuan in loans for the CDB.
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