“Industrial Bank (IB) plans to add another 50 billion yuan to support the ‘fill the gap’ key project and facilitate the structural supply-side reform proposed in the thirteenth ‘Five Year Plan’.” Stated by Xue Hefeng, the VP of IB, at the scene of “Key Project Promotion Event to ‘Fill the Gap’ of Fujian” sponsored by IB on May 5.
The five tasks of our national supply-side reform include de-capacity, de-stocking, de-leverage, de-cost and de-shortage. As introduced by Fu Chaoyang, the director of Fujian Provincial Financial Office, at the end of March, Fujian commenced a “Fill the Gap” key project launching event and enterprise-bank matchmaking event, where over 2000 project were proposed with the total investment exceeding 1 trillion yuan, covering infrastructure, industry, social benefit and livelihood.
Report has it that IB, as the only nation-wide stock-holding commercial bank headquartered in Fujian, has issued the Implementation Opinions on Providing Financial Services to Support “Fill the Gap” key Projects. IB will focus on infrastructure, emerging industries and social welfare, and take initiative to accepting key projects that are helpful for national or regional strategy, industry upgrade and livelihood improvement. The first batch of 439 intentional projects have been selected from over 2000 “Fill the Gap” key projects by Fujian government and it is expected to add another 50 billion yuan.
It is planned to invest 30 billion yuan into 290 intentional infrastructure projects to guarantee the completion of transportation, energy, hydraulic and utility infrastructure; invest 10 billion yuan into 70 intentional industrial projects to support the transformation and upgrade of advanced manufacturing industry, high-end equipment manufacturing industry, advantageous industries and distribution industry; invest 10 billion yuan into 79 social welfare projects to support the development of health-care, pension, education and culture industries.
“We will fully consider the investment and financing needs of clients in the field of infrastructure, industrial development and social welfare and tailor a special financial service scheme for every industry. Meanwhile, we will also safeguard our resources and keep providing 10 billion yuan of risk assets each year for “Fill the Gap” key projects. Fast tracks will be available to ensure complete implementation of financial services.” Introduced by Zhou Wei, general manager of IB Enterprise Financial Marketing Management Dept.
Report has it that Fujian Government has approved IB to join hands with Fujian Provincial Economic and Information Technology Commission and Fujian Provincial Bureau of Finance to set up an Enterprise Technology Upgrade Fund which, with the total scale of 8 billion yuan, is about to enter the operational stage.