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ICBC Supports Hi-Tech Industry
The Industrial and Commercial Bank of China (ICBC) said November 29 that it has made a commitment to issue loans for 29 new and high-tech industrial development projects, with the value of the loans totaling 1.33 billion yuan (approximately US$171 million).
A spokesman for the ICBC said that these projects, which also have aid from the proceeds from State treasury bonds, are mainly involved in the information industry, the integration of machinery and electronics, biological engineering and some other fields, which have all been declared by the State as priority development fields.
He said that this move will be of great help for China's new and high-tech industrial development, and it will also help the ICBC readjust its credit structure, improve asset quality and raise profits.
The ICBC opened scientific and technological development loans in 1984 when the bank was established. By September this year, outstanding of such loans of the bank had exceeded 20 billion yuan.
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