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Export Credit Agencies. Taking this opportunity, I'd like to share
my views on the evolution of China Eximbank over the ten years
and enhancement of cooperation among Asian ECAs.
In order to strengthen our exchange and cooperation,
I will firstly brief you on the development of China Eximbank
for the past ten years.
China Eximbank was established on 26th April 1994
and was officially opened for business on 1st July in the same
year. Under the correct leadership of the Chinese Government,
with the guidance and support from relevant departments, organizations
and our international peers, and with the unremitting efforts
of the Bank, China Eximbank has developed into an export credit
agency that is able to meet the requirement of China's open and
export-oriented economic development. After the decade, China
Eximbank has built up relatively complete organizational structure
and business functions, significantly improved its staff's qualifications
and pushed smoothly every business forward.
The establishment of China Eximbank has
promoted the formation and development of China's new financial
system. The establishment and growth of the state policy
banks, such as China Eximbank have created conditions for the
ex state-owned specialized banks to separate their policy business
from commercial business, prepare themselves to become modern
commercial banks that are suitable to the needs of a socialist
market economy and for the Chinese Government to control and regulate
the national economy through the market by utilizing the policy
banks. After ten years' efforts, China has formed a new financial
system with the central bank at the regulating and control center,
surrounded by coordinated and complementary co-existence of commercial
banks, policy banks and other financial institutions. The new
financial system has accelerated the pace of China's economic
transition and growth, enhanced financial institutions' awareness
of risk and benefit and optimized the distribution of financial
resources.
China Eximbank has already grown into an
important force in the policy backup system of Chinese foreign
trade and economy. With penetrating opening-up and reform
efforts, China has made her economy become more and more integrated
into the global economic system. Compared with those transnational
enterprises of developed countries, Chinese enterprises, the same
as those in many other Asian developing countries, are deficient
in terms of technological level, capital strength, administration
capacity, product quality, and marketing and sales network, not
on the equal competing foot. In the big surge of economic globalization,
with China’s entry into the WTO and its opening up of domestic
market, the Chinese enterprises will be confronted with greater
pressures and challenges for survival due to the cancellation
of various government-administrative support measures,. The erection
of China Eximbank is a significant decision made by the Chinese
Government to re-construct China’s policy backup system of foreign
trade and economy according to the WTO regulations and practices
in face of the new situation, indicating Chinese Government’s
strategic intent of promoting reform and encouraging development
by means of opening up to the outside world. The reality has proved
that China Eximbank satisfies the development requirement of foreign
trade and economy of the country after her entry into the WTO,
and the Bank has already become a key channel of policy support
for the foreign trade and economy of the country.
China Eximbank has made great contribution to the
development of China’s open economy. Since its establishment ten
years ago, China Eximbank has always adhered to its policy bank
orientation and observed international practices. Taking full
account of national conditions and focusing on exploring the depth
and varieties of its major business lines, the Bank has probed
originality in both the diversity and the connotation of its major
businesses and has ignited fresh vitality and new momentum for
its development, which are as follows:
Firstly, lending full support to high-tech-intensive
and high-value-added projects. While greatly expanding its export
seller’s credit business, the Bank endeavours to restructure its
business lines and works hard to increase the percentage of credit
support provided to high-tech-intensive and high-value-added projects.
As a result, the percentage of the loans provided for general
mechanical and electronic products in term of the Bank’s total
outstanding of export seller’s credits has been going down annually.
So far, complete sets of equipment and high- and new-tech products
have accounted for 80% of the total export products financed by
our bank, which offers a significant guidance for the optimisation
of Chinese export structure.
Secondly, encouraging domestic enterprises to go
abroad and develop overseas business. While offering great support
to the exports of Chinese machinery and electronic products, the
Bank takes active initiative in implementing the national “going-global”
strategy and cultivates new business focus for expanding export
seller’s credit, such as the support to Chinese enterprises for
their overseas contracting projects, offshore processing projects
and overseas resources tapping projects, so as to gradually make
it the development direction of the Bank’s business. By the end
of 2003, the accumulated credits provided by the bank for the
“going-global” enterprises exceeded RMB 40 billion. And 43 Chinese
enterprises among the world top 225 contractors in 2003 had gained
financial support of export seller’s credit from the Bank.
Thirdly, significantly promoting the export buyer’s
credit business. In recent years, while continuing to provide
export seller’s credit for Chinese enterprises to satisfy their
fund requirements, the Bank has made greater efforts to promote
export buyer’s credit to well match the growth of its export seller’s
credit business, hence, able to bring into full play its role
in exploiting overseas markets and lend further support to the
export of Chinese mechanical and electronic products, complete
sets of equipment, and high- and new-tech products.
Fourthly, highlighting business originality. The
Bank has taken best advantage of its mission of handling projects
committed by the Chinese government and formed mixed credits by
combining concessional loans, seller’s and buyer’s credits in
support of large overseas engineering projects, particularly in
developing countries.
Fifthly, creating vast job opportunities. According
to the estimate by National Mechanical and Electronic Commerce
Association, USD 100 million export of mechanical and electronic
products may create directly or indirectly 20,000 job opportunities.
In light of this, 28 million job opportunities could be attributed
to China Eximbank in the past ten years.
China Eximbank has played a significant role in
promoting the trade and economic cooperation between China and
other Asian counties. Among all the credits of the Bank, those
in favour of the projects in Asian countries, particularly in
the neighbouring countries occupy a leading position. According
to amount by countries, credits used to finance the projects in
the Philippines, Indonesia, Thailand, Vietnam, Malaysia,
Bangladesh, Pakistan are on the top. The loans are mainly
utilized for resources tapping projects or infrastructure projects
in transportation, energy, communication, which are of great help
in boosting the local market, improving the investment environment
and promoting the bilateral trade and economic cooperation. It
also contributes to the implementation of China’s policies guiding
its relations with its neighbours -----“to become a good neighbour
and a good partner” and “to build an amicable, tranquil and prosperous
neighbourhood”.
Ladies and gentlemen,
There lie great potentials for cooperation among
Asian countries and regions. Firstly, Asia has huge potentials
in its economic growth. With an area taking up 30% of the total
land surface of the earth, Asia is the biggest continent in the
world. Rich in natural resources, Asia holds an important place
in the world with such important strategic resources as oil and
gas. And with a large population around 60% of that of the world,
Asia remains the largest potential consumption market and investment
market, bound to attract more and more attention and interest
from western multinational companies. Many Asian countries, such
as ASEAN member countries, China and India are at the dawn of
industrialization and economic take-off with their substantial
progress made in capital accumulation, human resource development,
introduction of technology, infrastructure construction as well
as in other aspects. Besides, Asia has already accumulated large
sum of capitals in itself. The current saving proportion of China,
Japan and Korea stand at 42%, 30% and 34% respectively. The total
foreign exchange reserve of the foresaid three countries has exceeded
USD 1 trillion, and this amount will be more impressive if that
of India, Singapore and China Taiwan and Hong Kong are included
as a whole. In a sense, Asia’s economic growth has become the
driving engine of the global economic growth. Although its overall
economic strength is only 1/4 of the global total at present,
Asia surpasses any other region in terms of the economic vitality
and development potential in its store.
Secondly, there are great potentials for economic
cooperation among Asian countries and regions. Asia is composed
of a variety of developed countries, emerging industrialized countries
and many developing countries. With a wide diversity in the economic
development level, Asian economies are the most complementary
ones in the world. In addition, close economic links have already
taken shape within the region. For example, according to the statistics
published at the end of March this year, five out of China’s present
top ten export target countries/regions go to Asia, namely, Hong
Kong, Japan, Korea, Taiwan and Singapore; while six out of China’s
top ten import partner countries/regions are in Asia, namely,
Japan, Taiwan, Korea, Malaysia, Singapore and Thailand. However,
due to the comparatively slow growth of Asian regional economy,
Asian countries and regions are less interdependent with each
other in their economy than other regional economic groups. For
example, in 2001, the cross-border exports between the member
countries within the region of EU took up 68.9% of the total EU
exports, while that figure was 60.8% in the case of NAFTA and
only 32% in the case of ASEAN + China, Japan and Korea. Yet, in
the same time, the exports of China and Japan to USA and EU reached
50% of their total export volume while that figure in the case
of Korea stood up 35%. This situation is in sharp contrast with
the great economic complementariness among Asian countries and
regions, showing that there are indeed great potentials for economic
cooperation in the region.
Thirdly, the economic cooperation mechanism among
Asian countries and regions is now gradually taking its shape.
The free trade process of ASEAN is progressing at a rapid speed.
And a unified Asian market similar to EU is estimated to be formed
by 2020, which will become an influential regional economic cooperation
organization in Asia and even in the world. ASEAN member countries
and other Asian counties such as Japan, Korea, China and India
have already launched an economic cooperation mechanism, and they
have all set their respective timetables for initiation of free
trade. The “10+3” cooperation dialogue mechanism between ASEAN
member countries and China, Japan and Korea has already been initiated.
The Greater Mekong Sub-Region Development Project as sponsored
by Asian Development Bank is also in implementation, while such
big-size cross-border contracting projects as Trans-Asia Railway
and Trans-Asia Road are under discussion. All these projects themselves
and their impact after completion will provide huge opportunities
for cooperation to relevant parties in the region.
Ladies and Gentlemen,
Asian ECAs should make constant and regular contributions
to promoting the economic and trade cooperation among Asian countries
and regions. Asian peoples have once made remarkable contributions
to the development of human civilization in history. As famous
origin places of human civilizations, the basins of Yellow River,
Yangtze River, Hindu River, Ganges River, Tigris River and Euphrates
River in Asia have far-reaching influence on the progress of human
civilization. However, since the middle decades of the 19th century,
Asia has undergone numerous changes and up-downs and suffered
various tortures, while the peoples on this land have been making
concerted efforts to struggle for national liberation and seek
for constant development, which have already harvested great achievements.
Yet, there is still a long way far ahead for a refreshed new appearance
and a vigorous growth of the region.
In this new century, Asia is confronting new challenges
together with new opportunities in its development. Peace and
development is still the main theme of the current epoch, and
the overall peaceful international environment has provided favorable
external conditions for the development of Asia. The further deepened
development of the economic globalization, the rapid growth of
the global technological renovation and the quickened progress
in industrial transfer and optimization of international essential
factors of production are beneficial for Asian countries in their
utilization of foreign capitals, in their introduction of advanced
technology, in their exploration of international markets, and
in their boosting of the development of national economy.
Asian ECAs shoulder the significant mission of further
strengthening the economic and trade cooperation among Asian countries
and regions. Since most Asian countries are developing countries,
they are facing many problems such as backward economic growth,
heavy population burden, deteriorated environmental resources,
the expanded pressure in international competition and etc. Only
through active efforts in strengthening regional cooperation in
economy and trade can we secure the development opportunity brought
forth by economic globalization. And only through strengthened
efforts in multilateral cooperation and exchange can Asian countries
provide more policy financial supports to their domestic enterprises
in their expansion of foreign trade, overseas investment and economic
and technological cooperation, so as to make further contribution
to the economic growth of Asia.
Asian ECAs should take further step in their exchanges
and cooperation. Since the first annual meeting, Asian ECAs have
been making gradual steps in the development of cooperation among
themselves. We have launched effective cooperation in such fields
as co-financing, personnel training, information exchange, seminar
and etc. But, compared to the great potentials for development
in the region as well as to the large demand from enterprises
in their transnational operations, the above cooperation is still
far behind the requirements. Hence, Asian ECAs should make further
efforts to take their own advantages and intensify bilateral cooperation,
stimulate individual country in the region to make its respective
potential comparative advantages into practical comparative advantages
as fast as possible, so that an open economy for Asia can be developed.
Therefore, I would like to suggest that Asian ECAs start cooperation
in the following areas:
1. Providing co-financing on large-size cross-border
contracting projects. At present, we may discuss with relative
multilateral financial institutions on the possible ways of cooperation
and the possibility of joint research on providing financing for
the exploration of Great-Mekong Sub-Region, Trans-Asia Railway,
Trans-Asia Road and other large-size cross-border contracting
projects.
2. Establishing mechanism of regular information
exchange and project recommendation. Individual Asian ECAs should
take advantage of being familiar with its domestic situation and
being close to export enterprises, and hence establish a kind
of mechanism for them to make timely exchange of information,
to start research on specific topic, to recommend financing projects,
and to push forward cooperation for mutual benefits.
3. Increasing mutual visits while maintaining frequent
contacts and communication. Many Asian ECAs have accumulated rich
experience in such areas as risk management, personnel management,
product renovation, business upgrading, and administration improvement.
In the mean time, with the changes and development of circumstances,
we are bound to meet many new situation and new problems, which
requires that we further increase personnel exchanges and keep
frequent contacts and communication for a joint development of
Asian ECAs.
Last but not least, may I wish every guest good
health and a pleasant stay in Beijing.
Thank you all!
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