12 Banks Giving 60 billion RMB Credits to Lize Financial Business District (FBD) Delivering Positive Signal for Beijing’s Economic Development

2009-8-3

On July 28, “Government-Bank Strategic Cooperation” News Briefing & Signing Ceremony for Lize FBD of Beijing was held in Beijing Hotel. Lize FBD and 12 banks signed the bank credit agreement with a total amount of 60 billion RMB.

China News Service, July 28th (reporter: Chen Jian) This morning, Beijing Lize FBD and 12 banks signed “government-bank strategic cooperation” agreement with a total amount of 60 billion RMB.

Ji Lin, executive vice mayor of Beijing municipal government, said that finance industry is the largest industry in Beijing. In 2008, finance industry in Beijing realized an added value of 149.36 billion RMB, accounting for 14.2% of total GDP in Beijing. For the first half of this year, the finance industry in Beijing acquired new developments, its proportion in regional GDP increased to near 15%. Against the fast financial development speed, Beijing municipal government announced a new strategic decision to develop and build Lize FBD, which will help to upgrade the industrial development and promote the economic development in south Beijing, and become the new growth point for Beijing after the Olympic Games. 

On the signing ceremony, Development and Construction Headquarter office of Lize FBD signed the “government-bank strategic cooperation” agreement respectively with Beijing branches of CDB, CCB, Bank of China, ABC, ICBC, Bank of Communications, Huaxia Bank, Beijing Rural Commercial Bank, Industrial Bank, Beijing Bank, CITIC Bank, and CMBC.

It is reported that the 60 billion RMB financing will be targeted to civil infrastructure construction, supporting facilities for public service, and underground space utilization, and other areas. Lize FBD, located between West 2nd Ring Road and West 3rd Ring Road, is developed and constructed with the municipal government as the lead. It covers a total area of 5.25 sq km, and is the last large area ready to be developed within the 3rd Ring Road in Beijing. Beijing municipal government is determined to build Lize FBD to a new financial function district, which is the first in China and among the best in the world in 10 years. 

It is believed in the whole industry that the financial crisis is yet to end and the economic situation is still complicated and severe. At the moment that the Chinese government tends to expand domestic demand and maintain fast development, the cooperation between Beijing municipal government and banks delivers a positive signal for economic development.

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