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The Export-Import Bank of China (China Eximbank) will shift its focus from supporting exports to imports, the bank's head has told China Daily.

The central government earlier decided to reduce the trade surplus which hit $177.5 billion in 2006, a year-on-year rise of nearly 80 percent this year to quell worries at home and abroad about it.

Established in 1994, China Eximbank is a policy bank offering financial support mainly to exports of large machinery and electronics; but "we will speed up our business transformation," said Li Ruogu, chairman and president.

The bank already launched pilot import credit businesses at the beginning of last year, Li said.

On January 16, 2006, the bank signed a $1.5-billion import credit framework agreement with Shenzhen Airlines, offering financing for the carrier's purchase of foreign aircraft and other equipment.

By the end of 2006, the bank had approved accumulated import credit of more than 18 billion yuan ($2.3 billion).

"The launch of the import credit business is an important measure to help achieve a trade balance, upgrade technologies and optimize the import-export structure," Li said, adding that the bank had received applications from many domestic enterprises for the service.

Another task high on Li's agenda is the reform of the bank's internal management, which was highlighted at both the National Economic Work Conference held late last year and the National Financial Work Conference earlier this month.

The meetings decided to restructure the country's three policy banks China Eximbank, China Development Bank and the Agricultural Development Bank of China to make them more market oriented.

(China Daily 01/29/2007 page1)