Photo taken on Aug. 20, 2019 shows an exterior view of the Lingang area administrative committee in east China's Shanghai. (Xinhua/Fang Zhe)
BEIJING, Dec. 14 (Xinhua) -- The administrative committee of Lingang new area of Shanghai free trade zone (FTZ) signed on Monday a cooperation agreement with Bank of Communications Financial Leasing Co., Ltd., who also launched the first special purpose vehicle (SPV) cross-border equipment leasing project among Chinese FTZs.
Focusing on international shipping and new energy vehicles (NEVs), the SPV project was launched in Yangshan comprehensive bonded area in cooperation with COSCO Shipping Development Co., Ltd. and Lingang Transportation Co., Ltd.
Through the project, COSCO Shipping will bring in overseas containers to increase shipping capacity for local companies, while Lingang Transportation will promote its medium-volume electrical bus project to accelerate Lingang new area's effort of building a livable city.
According to the agreement signed, Bank of Communications Financial Leasing will continue to provide financial leasing service of no less than 5 billion yuan for COSCO Shipping and Lingang Transportation, and meanwhile expand its service scope to other key industry sectors including integrated circuit, biological medicine and high-end equipment manufacturing.
(Edited by Yu Huichen with Xinhua Silk Road, yhc0267@163.com)
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