OREANDA-NEWS. October 14, 2014. This year, ICBC has accelerated the adjustment and optimization of its credit structure, increased its financial support and refined its service for the modern service sector to advance the upgrading and restructuring of China's economy.

According to statistics, as at the end of June 2014, the balance of loans provided by ICBC for the modern service sector approached RMB 1.5 trillion, representing an increase of 11.17% from the year to date, serving around 50,000 corporate clients, which has supported the healthy development of the modern service sector.

ICBC has focused on the modern service sector as the priority of credit support since 2008, by consistently strengthening market analysis and industry study of the sector, and developing on annual basis credit policies on almost all areas of the service sector such as commerce and trade, culture, modern logistics, accommodation, hospital, education, software and information service, civil aviation and shipping.

The Bank has requested group-wide move to increase the supply of loans to the quality clients and promote the optimization and upgrading of industry structure. Given the broad coverage and diversified financial needs of the sub-sectors of the modern service sector, ICBC has tailored financial solutions based on the business characteristics and needs of different sectors and clients, and established a unique product system to provide innovative and customized financial support for companies in the modern service sector. For example, ICBC provides direct and indirect financing channels such as loans, supply chain financing, bond issue, wealth management and financial consulting for leading companies in the service sector; and offers quality credit support to the SMEs in the service sector such as efficient and convenient small and micro-sized business loans and SME bonds, which has fueled the development of modern service companies in sectors such as wholesale and retail, commercial service, hotel and catering, modern logistics, education, medical service and tourism.

Meanwhile, ICBC has created new patterns of financial services for the modern service sector based on the latest development in the market and customer needs and continued to diversify and refine the services. For example, ICBC has recently supported a modern service company in China to build a comprehensive logistics-based e-commerce service platform and applied for two-way cross-border RMB cash pooling service for the company. ICBC has also provided cross-border RMB loans for the client's company registered in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to help the company seize business opportunities in a new market environment.