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Chinese DVD Player Producer Gets Credit Support
Jiangsu Hongtu High Technology Company Limited, a major Chinese digital video disc (DVD) player manufacturer, has been given credit support from a bank for its complete machines exports.
Under an agreement signed here recently, Industrial and Commercial Bank of China (ICBC) Shanghai Branch will provide an additional credit line of 63.42 million US dollars to Hongtu.
Meanwhile, the bank will provide the company, which is based in east China's Jiangsu Province, a credit line worth 50 million US dollars for the establishment of a letter of credit.
Shanghai World Trade Development Co. Ltd. and APEX Digital Inc.of the United States will be responsible for the sales of DVD players produced by Hongtu.
A well-known company listed in a Chinese bourse, Hongtu's sales volume exceeded 760 million yuan last year, jumping 90 percent over the previous year, said Liu Xiaofeng, chairman of Hongtu.
Liu predicted that the demand for DVD players may stand at around 10 million sets this year, 60 percent of which comes from the United States.
The exports of DVD players have become a driving force behind the growth of China's exports, he said.
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