Industrial Bank and CTS Launch Long-term Strategic Cooperation with RMB 30B Credit Awarded
On July 11, Industrial Bank (IB) and China National Travel Service Group Corporation (CTS) signed a cooperation agreement in Hong Kong to establish the long-term cooperation relationship. According to the agreement, IB planned to award RMB 30 billion of credit to CTS and provide all-rounded and diverse financial services including interbank financial service, investment banking, cash management, international settlement and financial leasing so as to boost the development of the tourism industry.
Xue Hefeng, the vice president of IB as well as Zhang Fengchun, the general accountant of CTS attended the signing ceremony. With the purpose of expanding the landscape of tourism industry, this deepened cooperation between a bank and a corporation will target strategic integration and expansion, financial structure optimization and financial fund management etc.
Headquartered in Hong Kong, CTS has formed an industrial layout based on tourist culture and covering tourist property, tourist finance, logistics and related sectors, claiming China's largest centrally-controlled tourism enterprise with the total asset exceeding RMB 140 billion.
During the Thirteen Five Year Plan, the tourism industry was defined by the state as the key driving power for economic transformation under the New Normal. China National Tourism Administration clearly indicated in the “Thirteenth Five Year Plan” that by 2020 our total revenue of tourism would increase to RMB 11 trillion from 4.69 trillion in 2016, while the investment scale of tourism would reach RMB 2 trillion from the current 1 trillion. As introduced by Zhang Fengchun, by relying on the national development planning of tourism and with an aim to create a core tourism circle plus an appreciation circle, CTS has furthered the reform and refined management, continuously adjusted the structure, promoted transformation, changed the way of operation and completely optimized its industrial layout and structure, striving to raise its macro-tourism business to the No.1 position in China, a leading position in Asia and the first echelon in the world.
As a green industry, the macro-tourism is quite suitable and compatible with the business features and advantages of green finance in IB, making it one of IB’s key business sectors to be supported by green finance. As a leader of green finance in China, IB will follow the development plan of CTS in macro-tourism, rely on its leading position in green finance technologies, talents and products and exert its multi-license operation advantages as a group to provide CTS a package of innovative financial products and solutions.
“Through strategic cooperation, our bank and CTS may utilize our channels and expertise to go deep into the macro-tourism industry, binding finance and tourism more tightly, support the growth and development of CTS with better financial support and contribute our devotion to facilitating the healthy development, transformation and upgrade of our tourism industry and making China a powerful nation of tourism.” Xue Hefeng said.TOP