Bank of Jilin supports growth of province’s auto industry

The Bank of Jilin has extended a credit line of 12.12 billion yuan ($1.71 billion) to the automobile industry in the province and 562 auto companies that are clients have all resumed production, according to a recent news release from the bank.

Bank officials said that by the end of May this year, the bank had provided 2.47 billion yuan in finance to 42 upstream component companies supplying the FAW Group -- a major auto manufacturer based in Changchun, capital of Northeast China's Jilin province -- as well as 1.63 billion yuan to 50 downstream businesses supplying the group.

FAW officials said that the funding aimed to stabilize the automobile supply and production chain.

It was also aimed at reducing financing costs for small and micro enterprises in the chain and improving the quality of financial services for the automobile industry in Jilin province, especially for the FAW Group.

Officials added that to support the development of the automobile industry in the province, especially the FAW Group, the bank had issued a raft of measures.

These ranged from providing car loans, credit card installments, credit card preferential services, to allowing bank employees to buy FAW cars at preferential prices.

In May this year, the bank also signed a financial service cooperation agreement with Changchun Automobile Economic and Technological Development Zone.

Officials said that this initiative was to offer 5 billion yuan in financing in the zone, to support construction of projects including FAW's new energy vehicle base and FAW-Hongqi intelligent town -- to contribute to the construction of the Changchun international auto city in the zone.