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26 firms in BDA secure RMB 6.09 bln, US$352 mln in loans

Published: 31 May 2009 20:15:33 PST

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Jun. 1, 2009 (China Knowledge) - Twenty-six companies in Beijing Economic-technological Development Area (BDA) on May 25 signed 33 agreements with banks to secure 6.09 billion in RMB-denominated loans and 352 million in U.S. dollar-denominated loans to aid their development amid the global financial crisis.

The 26 enterprises are all competitive companies showing strong momentum. Among them are Beijing Yizhuang International Investment Development Co Ltd, Semiconductor Manufacturing International (Beijing) Co Ltd and Beijing Goldwind Science & Creation Wind Power Equipment Co Ltd, a fully-funded subsidiary of Goldwind Science & Technology<002202>, China's largest wind turbine maker in terms of market share.

To help the firms in the zone cope with the challenge of the financial crisis, BDA has provided tailor-made services to each company to help them solve problems in daily operations, market development, employment security, financing and so on.

In accordance with policies adopted by the Beijing municipal government, BDA will offer companies loans for fixed asset investment and working capital at discounted interest rates to lower their costs in investment, production and operation. It will also encourage companies in the zone to increase investment and expand production capacity. Meanwhile, it will promote the development of competitive pillar industries, such as LCD displays, mobile communications, integrated circuits, autos, equipment manufacturing, bioengineering, new medicine and new energy.

BDA, located in Beijing's e-Town (Yizhuang) area, has been growing for 17 years and currently hosts 2,611 companies, including some of the world's top 500 enterprises, such as Nokia, Mercedes-Benz, GE, Bayer, Corning, Panasonic, Bosch Rexroth, Sanyo, Coca-Cola, Kimberly-Clark, Schneider, Aventis, Mitsubishi, ABB, 3M, LG, DHL, Cummins and 48 others.

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