THE official opening of the China Import-Export Bank next Friday will be important in more than merely symbolic terms.
Everyone knows that state enterprises in China are forever reeling as credit is squeezed and relaxed. Triangular debt within China between different enterprises also causes havoc.
Exim cash will soon be available to support key areas of China's industrial and commercial relations with the outside world.
In the West, the use of exim funds to help foreign customers buy products is well established and has been a particular feature in the export of high-value capital equipment.
The opening of China's own exim bank shows the changes 15 years of liberalisation have wrought. China now needs to provide funding to those buying its products.
One of the first projects slated to get support to the tune of 500 million yuan (about HK$445 million) is the launch of APT Satellite.
The satellite is being built by a US contractor and APT has presumably achieved its own deal with American export credits to help at that end of the deal.