A delegation from the Fujian branch of the Industrial and Commercial Bank of China (ICBC), headed by its President Zhu Chunhua, visited the Pingtan Comprehensive Pilot Zone (PCPZ) on April 22 to seek cooperation.

Zhu revealed that ICBC Fujian branch will push forward exclusive financing products for Pingtan to further assist its development.

Pingtan is undergoing a transformation period and is in need of funds for projects, said Li Dejin, director of PCPZ’s administrative committee.

Pingtan will improve its financial system, lower the loan risk and work out a collaboration plan with ICBC, he added.

The breakthrough for ICBC’s business in Pingtan can be in cross-Straits communications in the field of finance, as PCPZ is the first pilot zone open to Taiwan on the Chinese mainland, which provides a great platform for ICBC, Li said.

Provincial authorities have shown determination for Pingtan to open up and grow, which makes ICBC confident in Pingtan’s future. ICBC will expand cooperation with Pingtan by launching more financial products and increase financial communications with Taiwan, and make Pingtan a new economic growth spot in Fujian province, Zhu said.

ICBC Fujian branch has set up a fund of 10 billion yuan ($1.6 billion) for construction of major industrial and civil projects in Pingtan, sources said.