Beijing Provides Export Loans to Local Enterprises

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Last updated at: (Beijing Time) Wednesday, June 19, 2002

Beijing Provides Export Loans to Local Enterprises

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Beijing has established a two- billion-yuan loan fund to help export-oriented enterprises through cash difficulties caused by delayed payment of export rebates, according to an agreement signed Tuesday by Beijing Municipal Foreign Economic and Trade Commission (BMFETC) and Beijing City Commercial Bank (BCCB).

Under the agreement, export enterprises should entrust their export rebate accounts with the BCCB, which will provide the enterprises with short-term loans against their receivable export rebates.

Statistics show that refundable export rebates totaled 5.5 billion yuan (665 million U.S. dollars) in Beijing last year, seriously hindering development of local export enterprises.

BMFETC vice-director Zhou He said that over 100 local export enterprises had contacted BCCB for the newly offered loans and 11 had signed up for loans valued at 102 million yuan.

Latest customs statistics show that exports of local enterprises totaled 1.98 billion U.S. dollars in the first five months of this year, up 0.8 percent on the same period last year.

Beijing City Commercial Bank was established in 1996 and is the only stock commercial bank in Beijing.

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