The Export-Import Bank of China, also known as China EximBank, is making waves in the financial world with its exceptional support for small and micro enterprises. In a bold move, the bank has increased its loan support for these enterprises, and the results are nothing short of impressive. By the end of March, the outstanding inclusive loans issued to small and micro enterprises had surged to a whopping 170 billion yuan, which translates to a staggering $24.6 billion.
A Remarkable 12 Percent Rise
This increase represents a remarkable 12 percent rise when compared to the beginning of the year. It’s a clear indication of the bank’s commitment to bolstering the growth and sustainability of small and micro enterprises in China. But the story doesn’t end there. The China EximBank has gone above and beyond by providing lending services to nearly 320,000 small and micro enterprises by the end of March. That’s a substantial number, and it underscores their dedication to this sector.
Focusing on the Foreign Trade Sector
The policy bank hasn’t stopped at merely providing loans. They’ve strategically intensified their loan support, focusing on small and micro enterprises in the foreign trade sector. As a testament to this, they’ve extended policy loan services to over 6,000 small and micro enterprises in the foreign trade sector by the end of March. It’s a targeted approach that reflects their keen understanding of the specific needs of businesses engaged in international trade.
Powerful Backing for Import Financing
In addition to supporting small and micro enterprises, the China EximBank has been a crucial player in import financing. They’ve issued an impressive 270 billion yuan (about $37.61 billion) in loans during the first three quarters of the year to meet the import financing needs of enterprises. By the end of September, the import credit balance of the China EximBank had soared to over 770 billion yuan.
A Helping Hand for the China International Import Expo
The bank’s commitment to facilitating trade and international economic cooperation is also evident in their plans for the sixth China International Import Expo, scheduled to take place in Shanghai from November 5 to 10. The China EximBank has pledged to provide special financial services for customers participating in this significant event. It’s a testament to their role in supporting China’s foreign trade and investment.
The Bigger Picture
In the grand scheme of things, the China EximBank is a state-funded and state-owned policy bank. Its primary mission is to support China’s foreign trade, investment, and international economic cooperation. With these recent moves to enhance support for small and micro enterprises and import financing, the bank is not only fulfilling its mandate but also playing a pivotal role in driving economic growth.
In Conclusion
The Export-Import Bank of China, or China EximBank, has shown its commitment to empowering small and micro enterprises and bolstering import financing. The 12 percent increase in outstanding loans for small and micro enterprises is a clear indication of their dedication to fostering growth in this sector. Additionally, their focus on the foreign trade sector and support for the upcoming China International Import Expo demonstrates their pivotal role in supporting China’s foreign trade, investment, and international economic cooperation. The China EximBank’s efforts are undoubtedly making a significant impact on the country’s economic landscape, and their future contributions are eagerly awaited.