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15 July 2015

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Hunan Government Increases Financial Support for International Trade

2017-05-17 Download Print

The Hunan State-owned Assets Supervision and Administration Commission (HSASAC), on May 15, announced as part of the national “Belt and Road” Initiative, the creation of five support platforms for trade, production, logistics, financing, and product services. These platforms will promote Hunan companies to the world by strengthening international cooperation on production capacity and equipment manufacturing.

Enhancing trade platform construction to seek more opportunities in global market:
HSASAC gives priority to developing competitive industrial sectors and major state-owned enterprises (SOEs) in equipment manufacturing, rail transit, electronic information, new materials, smart grid, and electricity supply. They will be encouraged to expand international investment, operate internationally, and pursue cross-border mergers and acquisitions.

Being responsive to the “Belt and Road” Initiative to accelerate international production:
Hunan companies participate in infrastructure construction in other countries along the Belt and Road, in the prioritized areas of Eastern Europe, Russia, the Middle East, and Southeast Asia. For example, Hunan Construction Engineering Group and Zoomlion have foreign production in South Africa, Italy, and Germany.

Integrating water, land, and air transportation to build convenient logistics platform:
Valin Group and Hunan Gold Group established long-term partnerships with four major international logistics companies and do regular business with large shipping companies and freight forwarders. A worldwide multimodal logistics system has been created, with Hong Kong, Dubai, and Singapore as the core.

Constructing financing platform to provide financial services:
HSASAC is collaborating with the Export-Import Bank of China (EIBC)-Hunan Branch to financially support Hunan enterprises. HSASAC, the Bank of Communications, and provincial SOEs have created a “Belt and Road” Industrial Development Fund to financially support Hunan enterprises to go global. These enterprises are exploring foreign financing business by starting up financing businesses worldwide and cooperating with international financial institutions.

Building product service platform to elevate enterprises’ competitiveness:

Hunan provincial government encourages enterprises to elevate product and service quality to meet international standards. For example, Xiangtan Electric Manufacturing Group Co., Ltd. (XEMC) has formed a “complete after service and spare parts supply system” and a distributor management center.

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Translator: Pang Yuehui

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