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China ExIm Bank Finances Press and Publication’s “Going Out” Activities

On July 3, China’s General Administration of Press and Publication (GAPP) and the Export-Import Bank of China reached an agreement in Beijing on “cooperation to support and foster key enterprises and key projects of the press and publication industry’s going out strategy.” GAPP’s president Liu Binjie and China’s ExIm Bank’s president Li Ruogu signed the agreement. It allows the Export-Import Bank of China to provide no less than 20 billion yuan (US$3.14 billion) or its equivalent in foreign currency financing to support and promote the press and publishing enterprises’ overseas activities in the coming five years.

According to the People’s Daily report, the Export-Import Bank in recent years has “conscientiously implemented the Party’s Central Committee and State Council’s series of instructions on promoting the development of culture industries and making full use of a range of financial instruments to lead the financial industry in supporting the international development of culture industries.” As of the end of 2011, the Export-Import Bank of China had supported the international development of culture industries through different types of loan contracts amounting to nearly 26 billion yuan ($US4.10 billion).

Source: People’s Daily, July 4, 2012