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China Exim Bank aims to become multinational financial institution over next 5 yrs

Source:   Time:

BEIJING, June 30 (Xinhua) -- The Export-Import Bank of China, one of the country's three policy banks, said on Thursday that it intends to develop itself into a large multinational financial institution over the next five years.

The lender's total assets exceeded 1 trillion yuan (153.85 billion U.S. dollars) at the end of 2010, and its earnings have increased year by year since it turned a profit in 2008, said Li Ruogu, president of the bank.

The lender's outstanding loans had risen more than four-fold over the last five years while its bad loans dropped for the 11th consecutive year in 2010, Li said.

More financial support will be needed over the next five years as the Chinese economy further opens up and the bank should seize the opportunities presented, Li said.

By the end of 2010, the bank had 18 domestic branches and three overseas representative offices. To date, it has signed loans of more than 190 billion U.S. dollars to over 100 countries and regions.

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