BAIC Group, subsidiaries given 50 billion yuan worth of credit line from China Development Bank

Shanghai (Gasgoo)- On July 21, BAIC Group and China Development Bank's Beijing branch entered into a strategic cooperation agreement under which the latter will grant a credit line worth 50 billion yuan ($7.722 billion) and offer services about investment, loan, bond issuance, leasing, and securities to BAIC Group and its subsidiaries, according to a press release from the Beijing-based state-owned carmaker.

BAIC Group, China Development Bank's Beijing branch signing agreement; photo credit: BAIC Group

Both parties expressed the wish to cement their partnership in the first year of the 14th five-year plan period and team up on promoting the transition, upgrade of the manufacturing industry and the market building, so as to make greater contribution to the real economy development of Beijing.

BAIC Group and China Development Bank have kept a sound partnership for quite a long time, which covers the passenger vehicle, commercial vehicle, and new energy vehicle segments from both indigenous and joint-venture brands, as well as the group’s auto parts business, said BAIC Group.

As one of main auto groups in China and a mainstay company for Beijing's economy development, BAIC Group engages in R&D and production of complete vehicles, manufacturing of auto parts, auto-related service trade, and other businesses.