China Rongsheng Heavy Industries has secured a credit of RMB28bn ($4.4bn) from Agricultural Bank of China (ABC) in Nanjing under a Bank-Enterprise Comprehensive Strategic Cooperation Agreement, Seatrade Asia online reports. Chen Qiang, ceo and executive director of China Rongsheng, said: “Chinese banks have gradually tightened credit against the backdrop of a series of austerity measures launched by the government to rationalise credit activities. Thus, the signing of the strategic cooperative agreement with the ABC has demonstrated the group's strong position in the industry and the firm trust of the banking sector in the group’s development prospects.”
The credit will be mainly used as a capital loan, buyer credit and foreign exchange service, according to China Rongsheng.
The credit will be mainly used as a capital loan, buyer credit and foreign exchange service, according to China Rongsheng.