Industrial Bank Signed 10 Billion Government-Bank Agreement with Weifang Municipal Government

Xinhua Net Shandong Channel

Updated: 2006-04-27

April 25, Industrial Bank Jinan branch signed together with Weifang municipal government for "Government-Bank Cooperative Agreement". Vice secretary and mayor of CPC Shandong Weifang municipal committee Zhang Xinqi, general manager of corporate banking department from Industial Bank's headquarter Zhu Liyong, president of Industrial Bank Zhangzhou branch Zhuo Xinzhang attended the signing ceremony.

Zhang Xinqi and Zhu Liyong addressed on behalf of Weifang municipal government and Industrial Bank respectively and Zhang Xinqi and Zhuo Xinzhang signed the cooperative agreement on behalf of Weifang municipal government and Industrial Bank Jinan branch respectively.

According to the agreement, both sides will follow the principle of mutual benefit and win-win cooperation to establish close and stable government-bank relationship. During Eleventh Five-Year period, Industrial Bank will supply financial support up to RMB 10 billion for Weifang city, which mainly distributed to programs such as mechanical, petrochemical, biological medicine, energy and transportation, electronic information, and high-tech projects.

The fund will also support small and medium sized enterprises and some unique industries in Weifang city to promote the adjustment of regional economic structure as well as development of small and medium sized enterprises and unique industries.

It's reported that since the opening of business, Industrial Bank Jinan branch has actively participated in and supported the economic development of Weifang city all the while. So far, Industrial Bank Jinan branch has developed broad business cooperation with Weifang municipal government and local enterprises.

Through supplying integrated and individualized financial service solution with financial portfolio of loan, banker's acceptance bill, commercial acceptance bill and etc., Industrial Bank has supplied key support to credit projects of Weifang government and key projects of paper making, electric power, mechanical manufacturing, agricultural technology, medicine and etc.

, has established stable business cooperation with many enterprises and public institutions such as Highway Management Bureau of Weifang city, Weifang State-owned Assets Operation and Investment Company, Shandong Haihua Co., Ltd., Shandong Chenming Paper Holdings Limited, Futian Heavy Industry Co., Ltd, Sunvim Hometextiles Co., Ltd. and so on.

Government-bank cooperation is significant for interaction of complementary advantages between government and commercial bank, join prevention and avoidance of financial risk, promotion of sustainable development of local economy and finance. This year, Industrial Bank has signed RMB 30 billion and RMB 10 billion government-bank cooperative agreements respectively with Shanxi provincial government and Foshan municipal government.

Both have achieved sound social and economic benefits. The government-bank agreement between the bank and Weifang municipal government will actively promote a better and faster development of the economy in Weifang city during Eleventh-Five period. The cooperation also will bring favorable opportunities for Industrial Bank.

It's a cooperation that creates mutual benefits and win-win situation.