China Knowledge reported that Jiangsu Rongsheng Heavy Industries Group Co Ltd inked a strategic cooperation agreement with Bank of China.

Pursuant to the agreement, Jiangsu Rongsheng will obtain CNY 50 billion worth of credit line from BOC signifying that two parties are facilitating the cooperation in business expansion though the company did not elaborate the use of the proceeds.

As per report, Jiangsu Rongsheng has secured CNY 50 billion of credit line from Export-Import Bank of China to finance its offshore marine business. It is the first time for BOC to sign a strategic cooperation agreement on financing for the supply chain sector.

(Sourced from China Knowledge)