ICBC lends trillions of yuan to manufacturing industry

BEIJING, March 5 (Xinhua) -- The Industrial and Commercial Bank of China (ICBC), China's largest lender by market value, has extended trillions of yuan of loans to the country's manufacturing sector in the past few years.

As of the end of 2018, outstanding loans from the ICBC to the manufacturing industry amounted to 1.38 trillion yuan (about 206 billion U.S. dollars), among which over 500 billion yuan went to the advanced manufacturing sector.

ICBC has offered various financing services, including equity financing, industry funds and debt restructuring, to address the multiple needs from the manufacturers and lower their cost, said a staff familiar with ICBC's business.

ICBC has participated in the financing projects in fields of advanced technology, petrochemical engineering and shipbuilding.

The bank also provided financing support for the Chinese national brands' international business and helped the country's advanced manufacturers to promote international cooperation and improve their competitiveness worldwide.