China Development Bank Visits STEC to Deepen Cooperation in Infrastructure

2019-02-19

On April 10, 2018, a group of guests from China Development Bank Shanghai Branch, includng Party Committee Secretary and President Zhong Gang and Vice President Li Xiaoyong, visited STEC, and had in-depth negotiations on future cooperation of the two sides with executives of STEC, such as President and Deputy Party Committee Secretary Zhou Wenbo and Vice President Wang Zhihua.

China Development Bank (CDB) is a policy-oriented financial institution directly under the State Council. It has total assets of over 15 trillion yuan. It is China's largest foreign investment and financing cooperative bank and the world's largest development financial institution. STEC has established a long-term partnership with CDB Shanghai Branch. Years earlier, the two sides cooperated closely in the Nanjing Metro Airport Line (S1 line) project that has a total investment of nearly 10 billion yuan; in recent years, they have worked closely together in the public-private partnerships (PPP) project of the Hangzhou-Shaoxing-Taizhou Expressway (Taizhou section) and the PPP project of the first phase of the Taizhou urban underground comprehensive pipe gallery, laying foundations for the completion of one major infrastructure project after another.

Zhou Wenbo, President and Deputy Party Committee Secretary of STEC, pointed out that STEC has already established long-term cooperation with CDB. The completion of many major projects of STEC is inseparable from the support of CDB. In recent years, as the first listed company in China's infrastructure sector, STEC has been continuously reformed and transformed, and has taken greater steps in areas such as infrastructure investment. It have made strategic layout in the U.K., Singapore and other foreign markets, continued to promote innovation in the field of intelligent transportation and digital business, and continued to explore in the field of industrial funds and financial leasing. It hopes that CDB would further accelerate the cooperation process with STEC in the future and carry out multi-level communication, interaction, coordination and cooperation to achieve mutual benefit and development.

President Zhong Gang introduced the history and main businesses of CDB, and explained the cooperation opportunities between the two sides in the field of urban infrastructure. He said that as a large-scale state-owned enterprise with good reputation and strong strength, STEC is the most important partner and service target of CDB. CDB is willing to provide a "package" of financial services for the PPP and investment and financing projects of STEC in the process of its overseas development to help STEC expand markets and construct projects. In the countries along the "Belt and Road", they can take advantage of the Shanghai Free Trade Zone and give full play to the advantages of CDB as "China's largest foreign investment and financing bank", giving support for STEC's market expansion in countries along the "Belt and Road" and especially in developed countries.

At the meeting, Li Xiaoyong, Vice President of CDB Shanghai Branch, Wang Zhihua, Vice President of STEC, and persons in charge of urban construction and investment departments of STEC also communicated and exchanged with senior executives of CDB on the deepening cooperation between the two sides.