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Bank to Provide 7-Billion-Yuan-Credit to Foreign Trade Company
The Bank of China will provide a credit line of seven billion yuan to back the business of the China General Technology (Group) Holding Ltd. and its subsidiaries, according to an agreement signed here Wednesday.
Liu Mingkang, bank president, said the bank has provided loans and a credit line of nearly 10 billion yuan to the company over the past years.
He said that the bank will strive to provide a multitude of high quality financial services to the company, ranging from retail, settlement to investment businesses to such large enterprise groups.
Tong Changyin, board director of China General Technology Group, said that the company is set to develop into a cross-trade enterprise group, with its main businesses in foreign trade.
Established in 1998 and now owning eleven subsidiaries, the complex has a wide business scope ranging from trade to finance, transportation, real estate and contracting for projects and labor service.
The company reported a total import and export of seven billion US dollars in 1999, ranking third among all trade companies in China.
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