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PSBC and CGGC sign comprehensive cooperation agreement
PSBC and CGGC sign comprehensive cooperation agreement
| China Post News |2020-08-05

Postal Savings Bank of China (PSBC) and China Gezhouba Group Corporation (CGGC) signed a comprehensive cooperation agreement in Wuhan, Hubei Province on July 30. Cao Guangjing, Vice Governor of Hubei, Zhong Zhiqing, Vice Secretary-General of Hubei, Guo Xinshuang, President of PSBC, and Chen Xiaohua, Chairman of CGGC, attended the ceremony and witnessed the signing of this agreement. Zhang Xuewen, Vice President of PSBC, and Song Ling, General Manager of CGGC, signed the agreement on behalf of both parties.

According to the agreement, PSBC will grant 30 billion yuan (about $4.32 billion) of credit to CGGC and its subsidiaries. Both parties will seize the opportunity to deepen all-round cooperation in investment and financing, industrial operation and financial innovation, giving full play to the new energy of bank-enterprise cooperation, and contributing to the formation of a new development pattern where domestic and foreign markets can boost each other.

On behalf of the CPC Hubei Provincial Committee and the Provincial Government, Mr. Cao Guangjing congratulated PSBC and CGGC on the signing of the comprehensive cooperation agreement. He also expressed his gratitude to both enterprises for their long-term support to Hubei's economic and social development, especially their outstanding contributions to the epidemic prevention and control work and the post-epidemic recovery in Hubei. He hopes that PSBC and CGGC could take this opportunity of signing the cooperation agreement to give full play to their respective professional advantages to further increase investment, construction projects, and financial support in Hubei, and serve Hubei's economic and social development in all aspects. The Hubei Provincial Government will make every effort to optimize the business environment, deepen reforms, expand opening up, and support enterprises to achieve better and faster development in Hubei.

Mr. Guo Xinshuang said that the signing of this agreement is a new starting point for PSBC and CGGC to implement new development concepts and initiate comprehensive cooperation, and it marks a solid step forward in helping Hubei to recover after the epidemic outbreak. The Postal Savings Bank of China will give full play to its own advantages and provide a package of financial services for CGGC to facilitate industrial integration and upgrade, foster high-quality and advantageous enterprise clusters, and contribute to the battle for people's livelihood, economic development, and social stability in Hubei during its post-epidemic recovery.

Mr. Chen Xiaohua said that CGGC will further increase its investment and construction projects in Hubei, assisting Hubei in accomplishing the targets and tasks of building a moderately prosperous society in all respects and winning the battle against poverty,striving to secure the victory in both epidemic prevention and control and economic and social development, and building a new model of win-win cooperation between governments and enterprises as well as banks and enterprises.

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