China’s CSSC strengthens links with state banks

02 April 2019

China State Shipbuilding Industry Corporation (CSSC) signed separate deals with two domestic banks in late March to finance efforts to boost exports and establish a new “supply chain technology service” within China.

The two deals were announced by China’s State Administration for Science, Technology, and Industry for National Defence (SASTIND) and strengthen CSSC’s long-established links with state-owned financial institutions in China.

CSSC’s agreement with the Export-Import Bank of China is intended to support the export of “high-end vessels” through the provision of financial services including credit, guarantees, trade financing, and consulting, said SASTIND.

Citing Hu Xiaolian, the chairman of the Export-Import Bank, SASTIND said the agreement will support the development and production of advanced technologies and “help Chinese shipbuilding enterprises improve their international competitiveness”.

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