CCB Fuels the Economic Take-off of Inner Mongolia Autonomous Region

 

To promote the rapid growth of Inner Mongolia Autonomous Region during the implementation of the national western development strategy and the strategy of rejuvenating the old Northeastern industrial bases, make full use of the advantages of government and bank and build a sound social credit system and structure, President Chang Zhenming of CCB and Chairman Yang Jing of the Inner Mongolia Autonomous Region signed a framework agreement on cooperation between CCB and the local government on August 4, 2005 in Huhhot, capital city of the Autonomous Region.

In response to the national macro economic policy, industrial policy and regional development policy and Inner Mongolia’s western development planning and the national planning of rejuvenating the old Northeastern industrial bases, in the principle of “equality and mutual benefit, complementarities with each other’s advantages, sincere cooperation and common development”, CCB will provide RMB50 billion of financing support for such industries and infrastructure projects as electricity power, power grid, coal, transportation, steel deep processing, competitive farming products, oil and natural gas and increase credit loans to basic industries including energy sources and transportation on a yearly basis to help the Autonomous Region accelerate industrial restructuring and promote the rapid development of local economy.

The cooperation, based on the advantages of the financial institution and the government, is of great importance to preventing and controlling financial risks, accelerating the transfer of resource advantages into productivity of the Autonomous Region, promoting the sustainable and coordinated development of local economy and finance and helping build Inner Mongolia into an important national energy base. CCB will make full use of its competitive edge in project financing, project management, project valuation, settlement and financial consulting to offer long-term and stable financial support and services to the bottleneck projects of socioeconomic progress in the fields of infrastructure, basic industries and related areas. To strengthen cooperation in the area of key construction projects, the two sides also established the financial cooperation coordination mechanism to forge a win-win outcome for both the bank and the government and jointly push for the economic take-off of Inner Mongolia.

Guo Shuqing, Chairman of CCB, Han Zhiran, member of the Standing Committee of the Inner Mongolia Autonomous Region Party Committee and Secretary General of Huhhot, You Ren, Vice Director of the Standing Committee of the People’s Congress of the Inner Mongolia Autonomous Region, Yu Dehui, Vice Chairman of the Inner Mongolia Autonomous Region and Xu Bonian, Vice Chairman of the CPPCC of the Inner Mongolia Autonomous Region attended the signing ceremony.