Reporters' Log

CDB to support overseas investment in resources

By Diao Ying and Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-05 18:38

China Development Bank (CDB) will give full support to Chinese private companies in overseas expansions, especially those investments in minerals and resources sectors, its president said on Thursday.

Related readings:  China Development Bank to set up two investment units  China Development Bank says no plan to buy Shenzhen bank  China Development Bank goes commercial  China resource industry sees opportunity amid global crisis

The current plunge in resources and raw materials prices are presenting "good opportunities" for Chinese companies, Jiang Chaoliang, president of the State lender, said on the sidelines of the annual sessions of the Chinese People's Political Consultative Conference (CPPCC) and the National People's Congress (NPC).

The plummeting prices in resources sectors have plunged many countries, especially in Latin America and Central Asia, into financial difficulties, Jiang said.

But Western countries and companies are currently suffering the strains of the global financial crisis, making them less inclined to make deals, said Jiang, former chairman of Bank of Communications.

China, which needs a long-term and stable supply of oil and other resources, would grasp this opportunity and make proper investments, Jiang said.

Jiang said his bank will give full support to Chinese private companies investing in these projects. But he offered no further specifics.

Central Economic Work Conference

• Interest Rate Cut
• 30 Years of Reforms
• Coping with Financial Crisis
• Housing in China
• 2008 Tsinghua Management Global Forum
• more

Hot Words

• 政府注資 pump priming
• 軟環境 soft environment
• 糧食最低收購價 crops' minimum purchase prices

• 保八 Eight Percent Protection
• 以人為本 Put People First
• 農民企業家 Farmer-turned-entrepreneur
• 窗口指導 window guidance
• 下崗再就業 Re-employment after being laid off
• more

From Foreign Press

• German media give full coverage to Premier's report
• Overseas press praise China's 8% economic growth
• German media: Economy tops agenda at NPC session
• From the foreign press
• World media keeps close watch on 'two sessions'
• more

Letters

• Corruption top issue for public
• China adopts Food Safety Law
• China's economic growth in 2009
• more