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21:23, 27-Nov-2017
Chinese premier announces financing support for 16+1 cooperation
["china","europe"]
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Chinese Premier Li Keqiang on Monday announced from Budapest financial support for cooperation between China and 16 Central and Eastern European countries (CEEC), also known as the 16+1 cooperation.
Premier Li announced the establishment of China-CEEC Inter-Bank Association and the second phase of China-Central and Eastern Europe Investment Cooperation Fund in a keynote speech at the seventh China-CEEC Economic and Trade Forum held in the Hungarian capital.
China Development Bank will provide an equivalent amount of two billion euros (2.4 billion US dollars) as development-oriented financial cooperation loans for the inter-bank association, Li said.
People visit the Central and Eastern Europe Countries (CEEC) Products Fair in Ningbo, east China's Zhejiang Province, June 9, 2015. /Xinhua Photo
People visit the Central and Eastern Europe Countries (CEEC) Products Fair in Ningbo, east China's Zhejiang Province, June 9, 2015. /Xinhua Photo
Meanwhile, the Chinese premier said the second phase of the investment cooperation fund that totaled 1 billion US dollars will be mainly invested in Central and Eastern Europe.
The two sides need to further expand financing channels, Li said.
China supports commercial and development financial institutions to provide finance for bilateral cooperation projects, supports companies from Central and Eastern European countries to issue Panda Bonds in China, and also supports the two sides to conduct renminbi-denominated financing business for their cooperation projects, Li added.
Li arrived in Budapest on Sunday for an official visit to Hungary and for the sixth meeting of heads of government of China and 16 Central and Eastern European countries.
During his stay in Hungary, Li will hold bilateral meetings with CEEC leaders and work with them to outline future cooperation. He will also witness the signing of a series of cooperation documents and celebrate the fifth anniversary of the establishment of the 16+1 cooperation.