Asian export credit agencies should beef up business cooperation to contribute more to regional economic and trade development, a senior bank official said Tuesday in Beijing.

Yang Zilin, president of the Export-Import Bank of China (China Exim Bank), said only when Asian export credit agencies increased cooperation would companies in Asian economies be able to expand external trade and foreign investment and boost economic co-operation.

Cooperation among Asian export credit agencies started in 1996, with the first annual meeting between these agencies in India, Yang said.

Since then, they have collaborated in areas such as joint financing, personnel training and information exchanges.

But the co-operation is not able to meet the demand being created by the region's fast economic development, Yang said.

Asian export credit agencies should crank up joint financing co-operation to promote Asian economic development, he said.

"They should also beef up exchanges of information and personnel," Yang said.

As China's only export-oriented policy bank, China Exim Bank has played an important role in promoting trade and economic co-operation between China and other Asian countries and regions, he said.

It has provided a large number of loans for infrastructure projects and basic industrial projects in Asian countries and regions such as the Philippines, Viet Nam and Thailand.

China Exim Bank will amplify cooperation with foreign financial institutions to provide flexible financing services to both domestic and foreign companies, Yang said.

The bank has always given much support to the exporting of machinery and electronic products, as well as cutting-edge technology, he said.

Last year, the bank helped export US$131.3 billion worth of such products.

Yang said the bank will also increase support for Chinese companies which want to invest in offshore.

China Exim Bank will provide more long-term credit with lower interest rates for such companies in the future, and also help them explore more investment areas abroad. It will provide quality and highly efficient financial services for Chinese companies looking overseas.

The institution will expand loan services to Chinese companies which are engaged in processing trade or contract projects overseas, Yang said.

Priority credit will be given to the equipment, technology and raw materials that are needed by overseas investment projects.

Yang said the bank will also support Chinese companies engaging in project contracting, resources exploration and manufacturing in countries where the central government provides preferential loans.

(China Daily May 12, 2004)