Rongsheng secures landmark credit

Shanghai: China Eximbank and Jiangsu Rongsheng Heavy Industries Group signed a landmark strategic cooperation agreement this week which saw the yard gain $7.3bn in credit. It is the largest sum ever in Chinese shipbuilding industry. ??In witness of the ceremony, Vice Governor Zhao Kezhi of Jiangsu Province and Chairman Chen Qiang of Rongsheng were present. ??Rongsheng expressed the credit would be provided gradually by China Eximbank. To date, it is the largest credit amount received by any Chinese private company from a compatriot bank. [19/08/10]