China's top bank ICBC signs financing deals with 100 private firms: source
The agreements signed on Oct. 16 with the companies, most of which are large, publicly listed and existing clients, provide them with more efficient, nationwide financing services, said the person, who declined to be named as the bank's client information is confidential. ICBC declined to comment on the matter. As Beijing looks to boost economic growth, it has encouraged banks to provide sufficient credit to the real economy, specifically private firms. ICBC's move indicates state banks are taking steps to implement the policy, though it suggests larger firms are still key beneficiaries of a renewed lending push, while more vulnerable small private firms continue to struggle for financing. ICBC also signed debt-for-equity agreements with some of the private firms to reduce their debt burden, the person said.