The Export-Import Bank of China said Monday it issued 69.3 billion yuan (US$8.3 billion) in loans to domestic exporters and companies investing overseas last year, a year-on-year increase of 10.4 percent.

The bank approved loans worth 98.5 billion yuan (US$11.9 billion) last year, but only 69.3 billion yuan (US$8.3 billion) was issued, it said.

About 90 percent of its loans were issued to support the export of shipping, power station equipments, new and high-tech products, as well as companies investing in foreign countries, it said.

The bank's outstanding loans had reached 125.3 billion yuan (US$15.1 billion) by the end of 2004, a year-on-year rise of 20.5 percent.

This year will see the bank focus on supporting the export of shipping, machinery and electronics products, as well as new and high-tech products, said bank President Yang Zilin.

It will also give important support to large companies planning to invest overseas.

He earlier said the bank will support domestic companies engaging in the processing trade or contract projects in foreign countries.

The bank will also support domestic companies involved in project contracting, resource exploitation and manufacturing in foreign countries.

Economists said supporting both companies investing overseas and the export of commodities were important functions of the bank.

These functions should be further strengthened following China's accession to the World Trade Organization, one economist said.

(China Daily January 18, 2005)