The Export-Import Bank of China, one of the country's policy banks, on Tuesday opened its branch in Urumqi, capital city of northwestern Xinjiang Uygur Autonomous Region.

The new branch, the 19th the lender has opened in China, "is part of the nation's efforts to promote the development of the country's western regions, and will also play a positive role in promoting the establishment of the Central Asia economic circle with Xinjiang as the center," said Li Ruogu, president of the bank, at the opening ceremony.

The Export-Import Bank of China has played an active role in boosting agricultural production and the construction of infrastructure facilities in Xinjiang and Central Asia in recent years, Li said.

The bank's new branch will help expand imports of key technologies, boost exports of Xinjiang's products, and assist the region's companies in investing abroad and exploring overseas markets, Li said.

By the end of September, the lender's total outstanding loans in Xinjiang had reached 4.84 billion yuan (763.09 million U.S. dollars), the bank president added.

Source:xinhuanet