China's 10 banks sign 176.2 billion-dollar syndicated loan

BEIJING, June 25 (Xinhua) China's 10 banks signed 18 projects of 176.2 billion yuan syndicated loan agreement in Beijing on 25th.　　The Chinese Banking Association said it was the largest syndicated loan contract to date in China's banking industry and a collective action by the banking industry to promote a steady and relatively rapid economic development through syndicated loan financing. In the signing bank, the National Development Bank contracted the amount 32.6 billion yuan, the Chinese import and export bank 4.4 billion yuan, the labor, the agriculture, the middle, constructs, to pay five big state-owned commercial banks respectively 39.2 billion yuan, 12.133 billion yuan, 18.817 billion yuan, 32.97 billion yuan and 20.3 billion yuan, merchant bank, Citic Bank,　　Shanghai Pudong FA Bank amounted to 22.4 billion yuan. Contracted projects to highways and railways and other infrastructure, including Jilin, Shanxi, Shijiazhuang, Xinjiang and other road projects, as well as Tianjin, Nanjing, Shenzhen, Changsha and other railway or subway projects.　　Other projects include 1 million tons of PVC project in Anhui Province, Changzhou Solar energy project, Taizhou Medical Park Project and Yunnan Municipal Wastewater Treatment Project. Wang Huaqing, Secretary of China Banking Regulatory Commission, said syndicated loan is of great significance in supporting the enterprises to enlarge, support the large-scale project construction, and to support the economic growth in the reverse cycle, while preventing the credit risk such as large concentration and long credits, which is to push the syndicated loan, whether from the current or the long-term perspective,　　We should actively participate in cooperation, innovate incentive coordination mechanism and push Chinese syndicated loan to a new level. The Syndicate committee is the first professional committee established by the China Banking Association and has maintained a healthy and rapid development trend since its inception in August 2006. By the end of 2008, China's syndicated loan balance was 956.6 billion yuan, an increase of 53% per cent. At present, the accumulated amount of syndicated loans formed and being organized by the syndicate member banks is over $1 trillion.