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China’s Export-Import Bank enhances credit support for foreign trade industry development in H1
(MENAFN) In the first half of 2024 (H1), the Export-Import bank of China (China EximBank) significantly enhanced its credit support for the development of the country's foreign trade industry. During this period, the bank increased loans to the sector by 13.27 percent year on year, reaching over 1 trillion yuan (approximately 140.22 billion dollars). This substantial boost in credit has played a crucial role in strengthening the foundation of China's foreign trade and fostering new growth drivers within the sector.
The bank's support has particularly focused on expanding trade in intermediate goods, services, and digital trade. It has also promoted the export of three major tech-intensive and green products, referred to as the "new three." By the end of June, the total outstanding loans from China EximBank to the foreign trade sector had risen by 12.42 percent compared to the previous year, totaling 3.34 trillion yuan.
In addition to its contributions to foreign trade, China EximBank has also increased its financial backing for the high-quality development of the manufacturing industry. The bank has introduced special loan products aimed at supporting technological innovation, research and development (R&D), and the construction of new types of infrastructure. By the end of June, the bank's outstanding loans to the manufacturing sector had surpassed 2 trillion yuan, with 410 billion yuan in loans provided during the first six months of 2024.
China EximBank, a state-funded and state-owned policy bank, plays a vital role in supporting China's foreign trade, investment, and international economic cooperation.
The bank's support has particularly focused on expanding trade in intermediate goods, services, and digital trade. It has also promoted the export of three major tech-intensive and green products, referred to as the "new three." By the end of June, the total outstanding loans from China EximBank to the foreign trade sector had risen by 12.42 percent compared to the previous year, totaling 3.34 trillion yuan.
In addition to its contributions to foreign trade, China EximBank has also increased its financial backing for the high-quality development of the manufacturing industry. The bank has introduced special loan products aimed at supporting technological innovation, research and development (R&D), and the construction of new types of infrastructure. By the end of June, the bank's outstanding loans to the manufacturing sector had surpassed 2 trillion yuan, with 410 billion yuan in loans provided during the first six months of 2024.
China EximBank, a state-funded and state-owned policy bank, plays a vital role in supporting China's foreign trade, investment, and international economic cooperation.
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