OREANDA-NEWS. April 06, 2011. Agricultural Bank of China (ABC) and Chia Tai Group Co., Ltd. held the signing ceremony of a comprehensive cooperation framework agreement under which the two parties will conduct all-round cooperation in developing modern agriculture in China and building a new socialist countryside. Mr. Xiang Junbo, Chairman of ABC, Mr. Xie Guomin, Chairman of Chia Tai Group signed the agreement on behalf of the two parties. Mr. Li Haifeng, Director of the Overseas Chinese Affairs Office of the State Council, Mr. Zhu Hongbo, Vice President of ABC, Mr. Xie Bing, Vice Chairman of Chia Tai Group, and Mr. Xieyi, Senior Vice Chairman of Agro-Industry and Food Business China Area of Chia Tai Group, attended the signing ceremony, reported the press-centre of ABC.

According to the agreement, ABC will treat Chia Tai Group as a strategic core customer and will grant a total of RMB50 billion intended credit line and other comprehensive quality financial service to Chia Tai Group, its affiliated companies and holding companies within 5 years. Chia Tai Group will preferentially choose ABC as its sponsor bank, take advantage of its own resources and strengths within the industry to recommend its upstream and downstream quality customers to ABC and jointly explore the projects of "Building a New Socialist Countryside".

Both sides identified the cooperation priority areas and issues in the future: The first is to strengthen cooperation in credit granting business. The second is to strengthen cooperation in the "Building a New Socialist Countryside" area. The third is to strengthen cooperation between ABC and the Agricultural Guarantee Corporation of Chia Tai Group, to provide financial service to the latter in the area of "Sannong" (farmers, agriculture and rural areas). The fourth is to strengthen the cooperation between ABC Financial Leasing Co., Ltd. and Chia Tai Group. And the fifth is that ABC will launch a full range of cooperation with Zhengxin Bank Company Limited and strengthen their exchange and cooperation with regard to market research, risk management and staff training in order to achieve the goal of supporting "Sannong" with financial services.

The signing of the comprehensive cooperation agreement between ABC and Chia Tai Group is an important measure to implement the spirits of the Fifth Plenum of the 17th Central Committee of the Communist Party of China, the Central Economic Work Conference and the Central Rural Work Conference and jointly serve "Sannong" development. This measure will carry positive influence on rapid development of China's modern agricultural and the "Building a New Socialist Countryside".