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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.

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