China State Bank Gives Shipbuilder US$6.5-Billion Credit Boost

CSSC and China Development Bank (CDB) have signed an additional agreement of financial cooperation in Beijing.

According to the agreement, CDB will put its advantages of investment, financing, bond, leasing and stock into full play, and provide CSSC with finance of 80 billion Yuan RMB in total in various ways.

Previously China State Shipbuilding Corp. had obtained Yuan RMB 260-Billion to help see it through the shipping industry's economic downturn.

The official release adds that the credit facility is: "... in order to support CSSC's full transformation development and building an industry-finance integration innovative enterprise with strongest shipbuilding capability, high integration of military & civilian, moderately diversified development and strong international competitiveness.[sic]