On November 25, the Industrial Bank (IB) and the Ministry of Railways (MOR) held a ceremony for the signing of a strategic cooperation agreement between the two parties in Beijing. Present at the event were Industrial Bank president Li Renjie and Chief Economic Manager of the MOR Yu Bangli. According to the agreement, IB will extend a credit line of RMB 100 billion to the MOR to support the development of China's railway infrastructure. The signing of this agreement is another key step taken by the Industrial Bank to support macroeconomic policies aimed at boosting domestic demand and maintaining economic growth.
As the railway industry has continued to become an underpinning force behind social and economic development, the Industrial Bank has been deepening its ties with the MOR on an almost constant basis over recent years. In the last two years, the MOR has planned to increase total investment in construction, thereby leading to an increase in the demand for finance. This has provided excellent conditions for further cooperation between the two parties. Focusing on the provision of credit support, IB improved its internal priority channel mechanisms to deepen cooperation between the parties. This has led to major breakthroughs in projects such as the He-Fu Passenger Railway Line, Fu-Xia Railway and Xia-Shen Railway. These projects have not only proven beneficial to both parties, but have also served to accelerate the development of the transport infrastructure in the economic zone on the west coast of the Taiwan Straits.
According to IB, the signing of the strategic cooperation agreement is an important milestone in the cooperation between the parties. In the future, IB will devote itself to further cooperation and endeavor to support to the construction of railways and the development of the railway industry in China with innovative financial products and quality financial services.