China EximBank increases loans to foreign trade industry in H1

This aerial drone photo taken on May 9, 2024 shows a freight ship docking at the container terminal of Lianyungang Port, east China's Jiangsu Province. (Xinhua/Geng Yuhe)

BEIJING, Aug. 4 (Xinhua) -- The Export-Import Bank of China (China EximBank) beefed up credit support for the development of the country's foreign trade industry in the first half of 2024 (H1), with loans offered to the sector up 13.27 percent year on year to reach over 1 trillion yuan (about 140.22 billion dollars) during this period.

The policy bank contributed to consolidating the foundation of foreign trade and the cultivation of new drivers for foreign trade by upping credit support for the expansion of trade in intermediate goods, trade in services and digital trade, as well as promoting the export of three major tech-intensive and green products, dubbed the "new three."

By the end of June, the bank's outstanding loans to the foreign trade sector had risen by 12.42 percent from a year earlier to 3.34 trillion yuan, according to the bank.

In addition, it has also boosted financial support for the high-quality development of the manufacturing industry. The bank offered special loan products targeting technological innovation and R&D, as well as the construction of new types of infrastructure, to manufacturing businesses.

The bank's outstanding loans to the manufacturing industry had exceeded 2 trillion yuan by the end of June. It offered 410 billion yuan in loans to the sector in the first six months of 2024, it said.

China EximBank is a state-funded and state-owned policy bank supporting China's foreign trade, investment and international economic cooperation.