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CCRC and ICBC Sign Cooperation Memo on Financing Service Platform
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Date: October 15, 2014

The morning of October 11, 2014 saw the signing of a Memorandum of Business Cooperation on the Account Receivables Financing Service Platform (“Memorandum”) between the CCRC and Industrial and Commercial Bank of China (“ICBC”). The ceremony was attended by Pan Gongsheng, Deputy Governor of the PBC, and Yi Huiman, President of ICBC. The agreement was signed by Wang Xiaoming, Head of the CCRC and Secretary of the CCRC Party Committee, and Qiao Jinsheng, General Manager of the Corporate Banking Department of ICBC on behalf of the CCRC and ICBC respectively. Yang Ruimao, Senior Advisor of the General Executive Office of the PBC; Ji Zhihong, Director-General of the Financial Market Department of the PBC; Wang Xiaolei, Deputy Director-General of the CCRC; and representatives from the head office departments and branches of ICBC were also in attendance at the signing ceremony.

Deputy Governor Pan of the PBC and President Yi of ICBC met and spent some time conversing with each other prior to the signing ceremony. Both agreed that carrying out financing activities on the basis of services provided on the account receivables financing service platform (the “Platform”) established by the PBC is instrumental for the revitalisation of the existing account receivables market and for the broadening of financing channels available to small and micro-sized enterprises. As such, cooperation between the CCRC and ICBC on matters relating to the Platform was of great importance to both parties. Going forward, both sides would work together to study various Platform businesses and functions, explore possible business model innovations, and promote the sustainable development of account receivables financing business in line with the financing needs of small and medium-sized enterprises (“SMEs”).

A world-leading player, ICBC has consistently outdone its peers in terms of market share in the account receivables financing sector. By taking this opportunity to promote the development of the Platform, ICBC will further boost the efficiency of the traditional account receivables financing model, advance the development of account receivables financing in China, and provide premium financial services for SME borrowers.

The signing of the Memorandum is a distinct sign of the determination of the CCRC and ICBC to establish a comprehensive strategic partnership along the principles of long-term cooperation and mutual support. The CCRC will continue to enhance its building of various financial infrastructures including the Platform, as well as its collaborations with ICBC in areas such as business research and Platform improvement in order to meet market demands and better serve the needs of SME financing.