China Exim Bank loans US$64.8 billion in H1

Number of export projects funded rises 49% year-on-year.

The Export-Import Bank of China, the official credit agency to finance the export of Chinese goods and services, in the first six months approved on-balance-sheet loans totaling US$358 million and signed loan contracts valued at US$452 million.

In the same period, export products and projects with a total value of US$ 151.9 billion received funding from the bank, up 49% year on year, the data show.

Governor Li Ruogu said the bank will direct more credit support to industries that are key to China's economic restructuring.

In June, China Exim Bank’s total assets reached about US$316 billion, with the loan balance of its on-balance-sheet lending standing at US$225 billion.

The bank's mandate is to facilitate the export and import of Chinese mechanical and electronic products, complete sets of equipment and new- and high-tech products, assist Chinese companies with comparative advantages in their offshore project contracting and outbound investment, and promote international economic cooperation and trade.