Export–Import Bank of China
Vice Chairman & President) | |
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| The Export–Import Bank of China | |
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Hanyu Pinyin | Zhōngguó Jìnchūkǒu Yínháng |
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The Export–Import Bank of China (中国进出口银行; Exim Bank) is a
Mission
The bank is a policy bank and along with other Chinese policy institutions like
Exim does not publish figures for overseas loans. However, U.S. officials estimate that it finances more than the total export financing of the Group of Seven industrialized nations combined.[3] The Financial Times estimates that in 2009 and 2010, China Eximbank and China Development Bank (CDB) together signed loans of at least $110 billion to other developing country governments and companies, more than the World Bank over a similar period.[4]
Along the CDB and the Silk Road Fund, China Eximbank is one of the primary financing sources for Belt and Road Initiative development projects in Africa.[5]: 245
Rival export financing institutions that have seen a decline in influence, such as the U.S. Export–Import Bank through Chairman Fred Hochberg, have complained that Exim Bank doesn't follow the export financing guidelines promulgated by the OECD and so has an unfair advantage.[3]
In 2015, China used its foreign exchange reserves to recapitalize Exim Bank, which in turn empowered it to make significant foreign loans.[6]: 70
Foreign aid
The bank is a part of the Chinese foreign aid system and administers the Two Preferential Loan Program (两优贷款业务). The concessional loan (优惠贷款) and preferential export buyer's credit (优惠买方信贷) are the two main loan products under the preferential loan program.[7]
For concessional loans the bank advances a no interest or very low interest rate loan to a developing country government or agency to build a project (e.g. power plant, road, water treatment facility). The term of the concession loan is up to 20 years and a maximum grace period of 7 years is given. The preferential export buyer's credit is provided to a foreign borrower to purchase Chinese goods or services (e.g. construction contractor building the project). Like the concessional loan, this type of loan is also subsidized by the Chinese government. Interest rates are below market rates at around 3 to 6%. However, the preferential export buyer's credit is generally classified as a commercial loan rather than foreign aid even if the interest rate is very low because the purpose is to promote Chinese exports.[8] These two types of loans are a major part of the financing support for China's Belt and Road Initiative.[9]
During the
In 2022, the bank signed an agreement with Hong Kong realtor group ESR Group and to invest in ASEAN infrastructure projects.[11]
In 2023, the Exim Bank of China has agreed to support Sri Lanka's debt restructuring efforts. The news follow's India's promise to also support Sri Lanka through the debt restructuring program.[12][13][14]
The bank has provided more than $1 billion in loans to the Maldives for upgrading infrastructure, including upgrading an airport, bridge construction, and relocating the country's port.[15]: 112
Organizational structure
Internal Departments
- Executive Office
- Human Resources Department
- Business Development & Innovation Department
- Corporate Business Department
- Shipping Financing Department
- Onlending Department
- Planning & Financial Management Department
- Evaluation Department
- Auditing Department
- Legal Affairs Department
- International Business Department
- Risk Management Department
- Administrative Department
- Supervision Office
- Economic Research Department
- Department of Special Account Financing
- Corporate Business Department
- Concessional Loan Department
- Treasury Department
- Information Technology Department
- Compliance Department
- Accounting Department
- Workers Union
- Software Development Department
- Party & League Affairs Department
Business branches
There are a total of 21 branches of the bank.[16]
- Anhui Branch
- Beijing Branch
- Chengdu Branch
- Chongqing Branch
- Dalian Branch
- Fujian Branch
- Guangdong Branch
- Heilongjiang Branch
- Hubei Branch
- Hunan Branch
- Jiangsu Branch
- Nanjing Branch
- Ningbo Branch
- Qingdao Branch
- Shanghai Branch
- Shanxi Branch
- Shenzhen Branch
- Tianjin Branch
- Xiamen Branch
- Xi'an Branch
- Xinjiang Branch
- Yunnan Branch
- Zhejiang Branch
See also
References
- ^ "Brief Introduction - The Export-Import Bank of China". Archived from the original on 2019-05-12. Retrieved 2017-04-01.
- ^ a b Wang, Jian-Ye (October 2007). What Drives China's Growing Role in Africa? (PDF). IMF Working Paper.
- ^ a b Reddy, Sudeep (12 January 2011). "U.S. Export Financing Challenges China". Wall Street Journal. Retrieved 11 January 2017.
- ^ Dyer, Geoff; Anderlini, Jamil; Sender, Henny (17 January 2011). "China's lending hits new heights". Financial Times. Retrieved 11 January 2017.
- ISBN 978-1-5036-3009-3.
- S2CID 259402050.
- ^ Handbook on China and Developing Countries. 2015. p. 207.
- ^ "Export Finance Activities by the Chinese Government" (PDF). European Parliament.
- ISBN 978-3-319-78017-7.
- ^ "Angola looks at refinancing as it faces higher repayments on Chinese loans". South China Morning Post. March 11, 2022.
- ^ "ESR, China Eximbank close US$1 billion infra fund". theasset.com. Retrieved 2022-12-05.
- ^ "After India, China gives financing assurances to Sri Lanka for IMF bailout package". Business Today. 2023-01-22. Retrieved 2023-01-23.
- ^ "Sri Lanka president, China Exim Bank chief discuss debt issues". EconomyNext. 2023-01-12. Retrieved 2023-01-23.
- ISSN 0971-751X. Retrieved 2023-01-23.
- ISBN 978-1-350-25231-8.
- ^ "Business Branches". The Export Import Bank of China. Archived from the original on 2013-04-17. Retrieved 2013-03-25.
External links
| Central bank | |
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| Policy bank | |
| State Council commercial | |
| Nationwide commercial | |
| Regional commercial | |
| Regulatory agency |
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