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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