CDB opens shipping finance center in Dalian

China Development Bank opened a shipping finance center on Thursday in Dalian, Liaoning province.

This is the first time that CDB — China's biggest lender for investment and financing activities offshore — sets up a special operation to support the development of an industry.

Li Jiping, vice-president of the bank, said the center will further help China's shipping and shipbuilding industries to cope with the global financial crisis with medium and long-term financing services.

Li said that since the financial crisis started in 2008, CDB has made loan commitments of $26 billion for the shipping and shipbuilding industries, and that $13.1 billion have been lent to companies.

CDB has a global business network in more than 190 countries and regions. That makes it convenient to communicate with overseas ship owners, marine companies and other customers.

The new center is located in the northeastern coastal city of Dalian, which has abundant port resources and a strong shipbuilding industry.

Li Wancai, the mayor of Dalian, said that CDB has made a great contribution to the city's economic and social development.

The center will facilitate Dalian's efforts to become an international shipping hub and an international logistics hub in Northeast Asia, a regional financing hub and a modern industry-centered area, Li said.