Agricultural Bank of China (ABC) has pledged to increase the volume of credit to the Pingtan Comprehensive Pilot Zone, Fujian province, and expects collaboration with Pingtan in a wider range of fields in the future.

Ding Zhongchi, chairman of ABC's supervisory board, made the remark during his recent visit to Pingtan, saying that as a national pilot zone, Pingtan has great development potential. ABC anticipates more cooperation with the pilot zone, especially in the agricultural high-technology sector.

Sun Lansheng, chief of ABC's Fujian branch, also visited Pingtan.

ABC is the first bank to sign a three-way agreement (between government, bank and enterprise) with Pingtan. In January this year, ABC signed a deal to provide 30 billion yuan ($4.8 billion) in loans to Pingtan in the next 5 years.

ABC will promote creativity in its collaboration with Pingtan, said Ding. He also pledged to set up a branch bank in the pilot zone.

After three years of effort, Pingtan has made great achievements in construction. The opening of a marine route to Taiwan, the establishment of a small sum commodity market for Taiwan and the construction of related supporting infrastructures have laid a foundation for cross-Straits communication and trade, said You Mengjun, deputy secretary of the Party working committee of Pingtan.

Pingtan will enter a pivot phase of development, with mounting demand for financing, said You. Presently many financing agencies have settled in Pingtan, where business service and efficiency has improved. Pingtan hopes ABC can provide more flexible policies for loan projects to better bolster its growth, he added.

Edited by Chen Zhilin and Michael Thai