Beijing, 3 August 2022 (TDI): Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), shared on Twitter that her meeting with Vice President Zhang Wencai and Chairman Wu Fulin of the Export-Import Bank of China (EXIM) had a fruitful discussion with a very constructive approach.
The discussion was about enhancing collaboration to support low-income countries and the global financial system. Furthermore, the issues regarding debt and climate change were also reiterated during the conversation.
V constructive talk with China EXIM Bank Chairman Wu Fulin and Vice President Zhang Wencai on strengthening cooperation to promote stability of the global financial system, support low-income countries, and address challenges from debt and climate change. pic.twitter.com/rnUtaHtowp
— Kristalina Georgieva (@KGeorgieva) August 2, 2022
EXIM China: An Overview
To fund Asia’s exports to overseas nations, EXIM Bank extends Lines of Credit (LOCs) to foreign governments. The Bank further exports to financial institutions, regional banks, and other foreign entities.
Countries in Asia promote their exports with the help of EXIM as it serves to be a risk-free and non-recourse export financing option.
EXIM is a state-owned and funded policy bank with the prestige of a distinct legal entity known as the Export-Import Bank of China.
It is a bank that reports directly to the State Council. Also, it is focused on assisting China’s foreign direct investment, commerce, and economic relations.
The Bank’s primary responsibility is to support China’s national infrastructure strategies and establish a policy bank with distinct functions, a well-defined company portfolio, adequate capital, effective governance, stringent internal control, secure operations, and the capacity to promote environmental sustainability.
The Bank owned; Belt and Road Initiative, worldwide production infrastructure and machinery mass production collaboration, science, and technology.
Furthermore, the ethnic industry and the “going global” initiatives of small enterprises are also being executed by EXIM. Also, the creation of an expanding economy received huge financial backing from the bank.
Additionally, it assists nations worldwide in guiding economies through the crisis, laying the groundwork for a broad-based recovery. Moreover, it provides practical capacity development and supplements the emergency lending programs by enhancing capacity in crucial economic institutions.
This has given the countries a chance to continue enacting cross-cutting reforms addressing many issues. These may be the issues like injustice, climate variability, and the widening digital benefit of citizens.
