Shanxi teamed up with China Cinda Asset Management Co on Dec 21 to advance supply-side structural reforms in the province.
According to the agreement, Cinda will provide financial support for the economic transformation of Shanxi, such as the reform of State-owned companies, development of emerging industries and innovation in the finance industry.
The company issued drawing and loan vouchers for current capital worth 10.9 billion yuan ($1.57 billion) to businesses in Shanxi, including Datong Coal Mining Group and Jincheng Anthracite Mining Group, at the signing ceremony.
"Our company will help Shanxi upgrade its industry and drive economic growth by offering services in finance, business management and personnel training," said Chen Xiaozhou, CEO of China Cinda Asset Management.
Shanxi will create a financial environment and facilitate the business expansion of more financial institutions like Cinda in the province.
China Cinda Asset Management is a company involved with financial services and asset management, with the management of non-performing assets a core business. It now has 31 branches in more than 30 provinces, municipalities and autonomous regions across China. In 2013, the company went public on the Main-Board Market of Hong Kong Stock Exchange, being the first Chinese asset management business listed in the international capital market.