On February 13, The Export-Import Bank of China and ZTE Corporation held a signing ceremony in Shenzhen for their cooperative arrangement on buyer´s credit terms. Under the arrangement, The Export-Import Bank of China will grant ZTE the buyer´s credit loan of US $500 million in the forthcoming three years for the purpose of supporting the globalization strategy of ZTE.
Mr. Yang Zilin, president of The Export-Import Bank of China, Mr. Liu Yingli, Vice Mayor of Shenzhen, and Mr. Yin Yimin, president of ZTE, attended the grand signing ceremony.
"As one of the leading Chinese telecom equipment manufactures, ZTE has outperformed its foreign counterparts in many international bidding competitions and won the orders of large sums, fully demonstrating the strengths and cooperate images of Chinese telecom equipment enterprises in the international markets." said Mr. Yang Zilin. "The buyer´s credit arrangement of US $500 million marks that the cooperation between both parties has stepped into a new stage, and The Export-Import Bank of China is willing to deepen the cooperation with ZTE, providing more powerful supports for ZTE´s overseas market development." added Mr. Yang.
"In recent years, the international markets have been the most important strategic markets for ZTE. In 2003, ZTE´s contracted sales in overseas markets exceeded US $600 million, with a year-on-year increase of more than 100% over 2002. In 2004, ZTE will further strengthen the exploration into the overseas markets, and in case that financing services will become the increasingly important means in the market competition, the cooperation with The Export-Import Bank of China will further enhance ZTE´s advantages to compete with other international telecom manufacturers. ZTE will fully utilize such policy financing supports to accelerate its globalization process toward the world-class excellent enterprise." said Mr. Yin Yinmin, president of ZTE.
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