A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. [Photo/China Daily]
The Shanghai branch of the Export-Import Bank of China has recently completed foreign exchange trading business for the e-commerce overseas warehousing service provider WINIT, marking its first business of the kind, according to information provided by the municipal government on Tuesday.
The EXIM Bank’s Shanghai branch supported WINIT’s international settlement needs, including the logistics costs of its Australian warehouse.
Founded in Shanghai in 2012, WINIT opened its Australian warehouse one year later. Up till now, the company has set up 16 overseas warehouses in the United States, Canada, Germany and Australia.
The latest cooperation is a major step forward that the policy bank has made to support e-commerce and related warehousing services, which is especially important now as the world is confronting rising protectionism in international trade and companies are facing greater pressure from rising tariffs, said the municipal government in the public circular.
The bank’s move has also facilitated Shanghai’s efforts to stabilize growth in foreign trade, added the municipal government.
The EXIM Bank’s Shanghai branch will step up its support for the new business types in foreign trade and innovative business models. Addressing capital needs of e-commerce companies and the construction of overseas warehouses, the bank will help companies complete their global supply chain expansion, according to the circular.
Tanks to chinadaily.com.cn
Please visit:
Our Sponsor