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China to set up 10 billion dollar credit line in cooperation with Central-Eastern Europe

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Panhead

Panhead
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China to set up 10 billion dollar credit line in cooperation with Central-Eastern Europe

English.news.cn 2012-04-26 17:40:42

WARSAW, April 26 (Xinhua) -- China has decided to set up a special line of credit worth of 10 billion U.S. dollars, partially in the form of preferential loans, to support cooperative projects with Central and Eastern Europe in infrastructure, technology and green economy.

Visiting Chinese Premier Wen Jiabao made the remarks when addressing the China-Central and Eastern Europe business forum here, saying the policy is aimed at accelerating the two sides' practical cooperation.

Meanwhile, China will establish an investment cooperation fund, the goal of which is to raise 500 million U.S. dollars, he said.

China will also expedite the establishment of economy and technology zones jointly with the Central and Eastern European countries in the coming five years, Wen said.

Wen called for deepening the friendly relations between China and Central and Eastern European countries and upgrading the level of bilateral practical cooperation.

The two sides should enlarge their cooperation scale, expand their cooperation field, perfect the cooperation mechanism and lay a solid foundation for cooperation, Wen said.

The premier said China is ready to make joint efforts with Central and Eastern European countries to expand market openness with each other and strive to promote bilateral trade volume to 100 billion U.S. dollars by 2015.

The two sides will carry out all-dimensional cooperation in trade, investment, infrastructure, tourism and other fields, Wen said.

It is necessary for the two sides to hold economic and trade forums and meetings of state leaders regularly, the premier said.

China will set up a China-Central and Eastern European Countries' Cooperation Secretariat that will be in charge of communication and coordination, he said.

China proposes hosting a cultural cooperation forum between China and Central and Eastern Europe next year and holding more cultural festivals in each other, Wen said.

The premier also proposed strengthening dialogue on educational policy and encouraged provinces and cities with friendly ties to each other to make a full play of their advantages to boost local cooperation with each other.

Wen said that although the international economic situation has improved since the start of this year, the foundation for economic recovery remains fragile and uncertain.

It was in the fundamental interests of both China and Central and Eastern Europe to jointly meet the challenges, Wen said.

Wen started his official visit to Poland on Wednesday. Poland is the last leg of his four-nation Europe tour. He has visited Iceland and Sweden and attended the opening ceremony of the Hannover Fair in Germany.



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Related:



Russia and China have announced the setting up of a $4 billion investment fund aimed to boost joint trade and cooperation.

­The agreement was in China in the presence of Russian Premier Vladimir Putin and Chinese Prime Minister Wen Jiabao during the Russia-China Trade-Investment Forum.

“The fund will be launched in June. We will be making our first investments in the next three months,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund told RT. “We’ll focus on projects with good returns in such sectors as agricultures, machinery and logistics”.

Russian Direct Investment Fund will contribute $1 bln to the joint fund and $1 bln will come from China Investment Corporation (CIC). The other $2 billion is expected to come from other investors in the next two years, according to Mr Dmitriev.

“There is already quite a bit of interest from other investors because CIC is one of the leading investors in the world. So the fund gets a lot of international attention,” he explained.

“Many investors believe that Russian and Chinese cooperation will grow, there will be many business opportunities and investment if that makes sense.”

The fund would invest in private businesses and non-public companies across China and Russia, not focusing only on cross-border transactions. However, about 30% will be invested in Chinese companies, while at least 70% of the investment would go to Russian companies.


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