ICBC Puts In 130 Billion Yuan in Fixed Assets

The Industrial and Commercial Bank of China (ICBC) invested 137 billion yuan in fixed assets in 2000, providing powerful support to the State's infrastructure construction and corporate technological upgrading.

A spokesman for the ICBC said that last year the bank granted 70 billion yuan to highways, power, telecommunications, municipal engineering and other infrastructure projects, and 670 billion yuan to corporate technological upgrading and innovative projects, playing a significant role in promoting economic growth and economic restructuring.

The spokesman said that the ICBC began to reinforce its support to infrastructure construction in 1998. Since 1998 the ICBC has granted loans to 241 of the state's key infrastructure

construction projects in highways, power, municipal engineering and other fields, with a total credit value of 178 billion yuan.

In supporting corporate technological upgrading, the ICBC holds a leading position by contributing 70 percent of all the loans in this sector.

While expanding fixed asset input, the ICBC also paid special attention to developing new banking services and controlling financial risks, the spokesman said.

People's Daily Online ---