Banking

ICBC to support China's publishing industry

(Xinhua)
Updated: 2011-02-17 13:51

BEIJING - The Industrial and Commercial Bank of China (ICBC) Wednesday agreed to loan at least 60 billion yuan ($9.1 billion) to China's press and publication sector over the next five years.

Under an agreement signed Wednesday by Liu Binjie, head of the General Administration of Press and Publication (GAPP), and ICBC chairman Jiang Jianqing, the loan will mainly finance improvements to financial services such as financial consultation, credit and financial management.

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It is the GAPP's fourth loan agreement with a bank since its first with Bank of China in August 2009.

GAPP deputy director Jiang Jianguo said the move signalled closer cooperation between the government, banks and cultural enterprises.

The biggest commercial bank of China, ICBC eyed the press and publication industry as an emerging industry of strategic importance and had been exploring new financial services for businesses in the industry,said ICBC president Yang Kaisheng.

The ICBC made a net profit of 127.22 billion yuan in the first three quarters of last year, up 27.19 percent year-on-year.