ANNOUNCEMENT 28 Aug 2013
August 28th, 2013 - China's Export-Import Bank announced a financial partnership with a large state-owned shipbuilding firm.
NUMBER OF INTERVENTIONS
China Export-Import Bank, August 28th, 2013. (授信千亿，助力中船集团转型升级)
On August 28th, 2013, the China Export-Import Bank announced a new partnership with the country's largest shipbuilding firm, China State Shipbuilding Corporation (CSSC), to the amount of USD 312 million, to finance the building of new container vessels.
This informatio was released as part of a press release heralding a 'strategic partnership' between the two entities worth as much as USD 16bn (CNY 100bn).
This represents the deference of a sizeable financial stimulus to CSSC, hence disadvantaging all other competition hence the red classification of his intervention.
The Export-Import Bank is one of three banks intertwined with the Chinese state, and responsible for the financing of various overseas project. It is directly answerable to the State Council.