Bloomberg News

China’s U.K. Ambassador Discusses Lending to Shipping Industry

May 15, 2012

Chinese banks are filling a gap in shipping-industry lending left by European counterparts, underpinning a 7.3 percent expansion in credit to the global industry in 2011’s final quarter, the country’s ambassador to the U.K. said.

Following are comments made by Liu Xiaoming at a conference in London today. China needs to learn from other countries that offer ship finance in areas including risk control and credit management, Liu said.

“Chinese banks have adequate funds to provide support for foreign owners who want to build ships in China, given the large number of ships built in China every year.

“There’s great potential in further raising China’s status in international markets of ship finance.

“Shipping finance in China is still at early, early stages of development, and compared with Europe, China is far behind London and other world shipping centers.”

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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