They are to promote the development of international logistic finance and commodity finance business hand in hand.

Oct. 11—China Construction Bank (CCB) and COSCO Logistics signed the Strategic Cooperation Agreement on International Trade Credit Guarantee, which signifies that the two parties would promote the development of international logistic finance and commodity finance business hand in hand. It is introduced that CCB will launch new products of trade finance including bonded warehouse spot warehouse, which indicates that CCB will conduct credit guarantee business in the field of trade finance.

CCB, one of the big four state-owned commercial banks in China, is the first bank to get listed in overseas market. As a public corporation, CCB continues to improve its corporate governance, push forward its development strategies transformation in a pro-active manner, strengthen risk management and control, upgrade internal mechanism and business procedures, innovate products and services, and develop all lines of businesses. It is reported that in recent years, CCB has enjoyed a sound growth in international business, and maintains rapid progress in all Forex businesses. In the first half of this year, its growth rate of international settlement was far beyond domestic peers. And COSCO Logistics, as one of the strongest logistics companies in terms comprehensive strength in China, has ranked No. 1 among China’s logistics companies for 2004 and 2005.

This cooperation signifies the cooperation between two strong enterprises that will draw upon each other’s strength to push forward mutual development. Based on the third-party support in logistics, CCB will make great efforts in exploring warehouse finance and finance in bulks of commodities, expanding its customers resources towards up and down stream business, so that its international business development can be injected new momentum. COSCO Logistics can take further step to enlarge its clients resources and strengthen its comprehensive competitiveness in logistics through this cooperation.