(Yicai Global) Oct. 27 -- Export-Import Bank of China has announced a special financial services plan tailored for the China International Import Expo, and said it will raise a credit line to support imports to CNY350 billion (USD52.2 billion) from last year’s CNY300 billion, The Paper reported.
CNY180 billion of this year’s quota will be allocated to imports from countries that are part of the Belt and Road Initiative, the Beijing-based lender said at a press conference held in Shanghai today
The plan will extend financial services to customers in various foreign trade industry chains including global suppliers, manufacturers, domestic distributors, retailers, and service providers, as well as customers in warehousing, port and logistics industries who provide services to ensure a smooth and stable supply chain, the report said
In addition, the plan will help to introduce technologies, raw materials, capital, services and standards globally. It will allow overseas manufacturers and suppliers to participate in the Chinese market and share in China’s development achievements. It will also promote the sharing of international and domestic resources, as well as fair, just and orderly development of global trade
Export-Import Bank of China issued more than CNY1.43 trillion in foreign trade loans in the first nine months of this year, an increase of 64 percent from a year earlier, and the amount of direct support for imports reached CNY445.3 billion, accounting for 31 percent of the total, the report said.
The third annual China International Import Expo will take place in Shanghai from Nov. 5 to 10.
Editor: Tom Litting