ICBC pledges support for China's publishing industry

ICBC agreed to loan at least US$9.1 billion to China's press and publication sector over the next five years.

Under an agreement signed Wednesday by Liu Binjie, head of the General Administration of Press and Publication, and ICBC chairman Jiang Jianqing, the loan will mainly finance improvements to financial services such as financial consultation, credit and financial management.

It is the GAPP's fourth loan agreement with a bank since its first with Bank of China in August 2009.

GAPP deputy director Jiang Jianguo said the move signalled closer cooperation between the government, banks and cultural enterprises.

The biggest commercial bank of China, ICBC eyed the press and publication industry as an emerging industry of strategic importance and had been exploring new financial services for businesses in the industry,said ICBC president Yang Kaisheng.

The ICBC made a net profit of US$19.3 billion in the first three quarters of last year, up 27.19 per cent year on year.