CDB helpingChinese firms get global edge

BEIJING - When the Brazilian landline company Tele Norte Leste Participacoes SA was shopping for network equipment last year, Huawei Technologies Co Ltd's offer stood out: access to China Development Bank's (CDB) $30 billion credit line.

A two-year grace period on payments and an interest rate of 2 percentage points over the London interbank offered rate created an unbeatable deal, Tele Norte Chief Financial Officer Alex Zornig says.

"The Chinese are filling the space left empty by Americans and Europeans," Zornig said. "They are very aggressive and they have a lot of money."