Asia/Pacific News
China Shipping, Bank of China in $14.4 billion Cooperation Agreement
China Shipping Group and Bank of China will work together across a swathe of different areas and businesses in a deal worth RMB 90 billion ($14.4 billion), Seatrade Global reports.
The goal is to reportedly expand state controlled corporations into the international sphere, and will fall alongside planned economic and social reforms under the China (Shanghai) Pilot Free Trade Zone.
In addition to working on credit facilities, the two entities will also cooperate on cash management, direct financing, financial advisory, investment, and insurance.
It was reported late last year that China has also been making moves towards increasing its market share in liquefied natural gas (LNG) carriers, having continued to sign contracts to import LNG.
