CITIC, Zhongguancun reach cooperation deal

The two sides aim to enhance their cooperation through establishing a long-term, stable and mutually beneficial partnership.

According to the agreement, China CITIC Bank will provide financial services for enterprises and infrastructure in the park. It will also provide settlement services and personal banking services including retail financial services, wealth management and private banking services for small and micro enterprises.

Zhu Jialin (left), vice-president of China CITIC Bank and Yang Jianhua (right), vice-director of the Zhongguancun Administrative Committee shake hands after signing the agreement in Beijing on Oct 16, 2014. [Photo provided to China Daily]

The bank will offer credit lines of 30 billion yuan ($4.9 billion) to high-tech enterprises in the park for the first time, it being considered a "marriage" between finance and technology.

Besides traditional financial services, the bank will explore an innovative cooperation mode with Zhongguancun. It will join the park's innovative cloud, taking big data advantage of cloud services to speed up loan approvals for enterprises.

China CITIC Bank will give Zhongguancun more resources in project finance, micro finance and capital settlement services. The bank's comprehensive financial platform will give full play to its advantages in banking, securities, insurance, trusts and funds. The bank will push forward the park's economic take-off and help it become a global science and technology innovation center.

Representatives take a group photo at the signing ceremony in Beijing on Oct 16, 2014. [Photo provided to China Daily]