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China Shipping, Bank of China enter into $14bn strategic cooperation

China Shipping, Bank of China enter into $14bn strategic cooperation
China Shipping Group and Bank of China have signed a RMB90bn ($14.4bn) strategic agreement aimed at cooperation in various areas.

Under the agreement, the two sides will collaborate in the areas including credit facilities, cash management, direct financing, financial advisory, investment, and insurance, with an aim to extend the reach of state corporations to a global scale.

The cooperation is also in line with the China (Shanghai) Pilot Free Trade Zone to bring about economic and social reforms.

Established in 1997, China Shipping Group owns and operates around 500 ships with a total capacity of 30m dwt.