The State-owned Industrial and Commercial Bank of China (ICBC) opened a new branch in the Qingyuan Economic Development Zone to promote economic development in the Guangdong province city.

A grand opening ceremony was held March 18. Lin Danxiong, deputy secretary-general of Qingyuan’s municipal government, said the new bank branchy will inject new momentum into efforts to develop the economic zone and the city.

Mei Chao, director of the ICBC Qingyuan Branch, said the new branch will spur new investments, including the development in Longtang town, which is known as the largest industrial town in Qingyuan.

The opening of the new bank branch follows the opening of ICBC’s Yinzhan branch in Qingyuan in early 2009.

The new branch is located in a facility that is 1,000 square meters in size and will offer standard banking services.