The Industrial and Commercial Bank of China (ICBC) agreed in May to extend US$200m credit lines to South Korea’s LG Electronics and LG Chem. LG Chem said that the agreement also provided debt guar- antees, preferred interest rates and lower transaction fees.
Meanwhile, ICBC has opened a branch in Pusan, its second in South Korea after Seoul, which was opened in 1997.
Fund management sector to be opened Rules that open China’s fund management and securities sectors to foreign companies were due to come into force on July 1.
Overseas companies with actual paid-in capital of at least Yn300m can now invest in Chinese fund management companies, either by setting up joint ventures or taking stakes in the firms. The size of a foreign company’s stake is limited to 33 per cent for three years after China’s entry to the World Trade Organisation, after which it increases to 49 per cent.