The Export-Import Bank of China (China Eximbank) has teamed up with Anshan Iron and Steel Group Corp. to help the company with overseas investment and imports of advanced technology and equipment over the next three years.

The steelworks, based in Anshan of northeast China's Liaoning province, produces 700 kinds of steel products used in the metallurgic, construction, petrochemical, space, shipbuilding, automotive and defense industries.

Last year, the company exported high technology products worth 1.7 billion U.S. dollars, 60 percent of which were supported by China Eximbank's export credits.

The state policy bank, established in 1994, has granted export and import credits worth 40 billion yuan (5.13 billion U.S. dollars) to the three provinces of Heilongjiang, Liaoning and Jilin in northeast China by the end of 2006.

Meanwhile, the bank has supported 13 billion U.S. dollars worth of exports of mechanical, electrical and high technology products manufactured in the country's old industrial base.

Source: Xinhua