Beijing, January 4 - Ministry of Railways and ICBC entered A Strategic Partnership Agreement on China Railways to "Go out to the World". Guests at the signing ceremony from the Ministry of Railways were Liu Zhijun the Minister; Lu Chunfang the Vice Minister and Yu Bangli the Chief Economist; and ICBC Chairman Jiang Jianqing, President Yang Kaisheng and Vice President Yi Huiman.
For the past few years, China railways have gained unsurpassed momentum and claimed excellence and expertise in the world in design capability, construction engineering, equipment manufacturing or project management. Railway industry shows its comparative advantage when the world is increasing fraught with global energy crisis, climate warming and transportation security.
China railways are set for global advance amid the great fanfare. ICBC, the largest bank in the world by market value, after all these years of development stays ahead of the domestic peers in terms of financial muscle, financing experience, outlet coverage, settlement network, customer resources, products and services, and technological level.
According to the Agreement, under the State's policy, the Ministry of Railways and ICBC will consolidate the domestic resources (technology, management, human capital, funding and construction team) first, then compete internationally following the international practices. The key is to support all the railway-related industries of China to "Go Out to the World" through strategic investments and banking services as one way to steadfastly venture into international market.
To achieve win-win, both parties will push forward the cooperation model of "Railway + Finance" to the world and support China Railways to "Go Out to the World."
The Ministry of Railways is the department governing the railway industry in China. The Ministry has a busy agenda: a coordination system between countries around the world in cooperation, policy and guidance for railway-related companies in China to "Go out to the World", services and coordination for railway-related companies in China to expand overseas market.
Meanwhile, the Ministry will greatly support ICBC's overseas subsidiaries in the development and innovation of financial services. The Ministry is taking its full role as a government department to create a good financial environment by setting up a platform for banks and enterprises to cooperate and communicate.
ICBC will make a concert move to scale up its overseas presence and product innovation in order to support funding to key projects and enterprises drawn up in the Ministry's plan of "Go Out to the World". By dint of its strong position in interbank market and solid customer relationship, ICBC will exploit its advanced global network and advantages in information and capital to provide all-inclusive financial services and support to those railway enterprises under the "Go Out to the World" plan.
That includes global cash management, international services, bond underwriting, advisory on overseas policy in financial leasing, business negotiation and financing solution.
To cement the partnership, an efficient cooperation process will be set up between the Ministry and ICBC to coordinate the daily agenda on international cooperation. The conclusion of the Agreement is significant. Not only it signals the long-term close cooperation between the two parties ever since, but a fresh starting point to the bright future.
