Export-Import Bank of China eyes bigger role in Belt and Road construction
Policy-based finance will facilitate the construction of the Belt and Road.
President Xi Jinping has repeatedly stressed that financial support is of vital importance to the construction of the Belt and Road, and China should expand the financial channels, creating new financing methods and lowering financing costs.
The Export-Import Bank of China (EIBC) attaches great importance to developing different ways of financing, and promoting the role of policy-based finance. It offers both concessional loans and development loans bringing meager profits, and also uses syndicate loan and joint financing to attract participation of commercial financing entities and strengthen cooperation with development-oriented and commercial banking institutions, so as to meet the requirements set by President Xi.
It offers not only loans but also investment, and took the lead to found the Belt and Road Construction International Investment Fund, encouraging all relevant countries to inject capital, and actively promote the Public-Private Partnership.
The EIBC adjusts the credit extension of foreign financial agencies with government backing according to the practical situation and the requirements of risk prevention and control, and makes efforts to strengthen cooperation in the same industry.
It works hard to strengthen economic benefit evaluation of the projects it funds or intends to fund, with priority given to supporting countries along the Belt and Road routes.
It is also actively working to expand RMB cross-border usage, so as to effectively boost the going-out of China’s products, services and technology.
EIBC pays special attention to risk prevention and control in the Belt and Road projects.
The bank now supports more than 1,200 projects related to the Initiative in more than 50 countries, and the loan balance for these projects exceeds 670 billion yuan.
(The author Hu Xiaolian is the Party chief and President of the Export-Import Bank of China. This is an excerpt from his article which was first published in Chinese. The translator is Li Yang.)
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