New financial holding company set up to finance China-CEE projects
2016-11-08 15:31 | chinadaily.com.cn

  

  Premier Li Keqiang (left, second) and his Latvian counterpart jointly launch a financial joint venture Sino-CEEF Holdings Co Ltd in Riga, Latvia, on Nov 5.

  A financial holding company was officially established on Nov 5 under the cooperative framework of China and 16 countries in Central and Eastern Europe, a crucial move to promote China-made equipment and products by helping finance joint projects in the region.

  The Sino-CEEC Financial Holding Company Limited was inaugurated by Premier Li Keqiang and his hosting Latvian counterpart Maris Kucinskis after the 5th Meeting of Heads of Government between China and CEE countries in the Latvian capital Riga.

  The financial holding company is a financial institution that engages in nonbanking activities to offer customers a wide range of financial services, including the chances to purchase insurance products and invest in securities.

  The company will focus on projects in connectivity and production capacity cooperation that will purchase China-made equipment and products, Premier Li said while addressing the 6th China-Central and Eastern European Countries Economic and Trade Forum.

  The company was part of the Premier’s proposal to enhance financial cooperation in order to support China-CEE cooperation, also known as “16+1” cooperation, and provide financing for joint projects through diverse forms.

  In 2013, China announced it would offer CEE countries loans of $10 billion, aiming to boost production capacity and infrastructure cooperation with the region. The company was originally an initiative proposed by Premier Li during the 4th annual China-CEEC leaders’ meeting in Suzhou, Jiangsu province, last November. Industry and Commerce Bank of China, China’s largest commercial bank, takes the lead in contributing funds to the company with participation of two other Chinese banks.

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