The Export-Import Bank of China (China Eximbank) was established in 1994. Fully owned by the Chinese government and under the direct leadership of the State Council, China Eximbank is a government policy bank enjoying the same international credit ratings as China's sovereign ratings. Headquartered in Beijing, the Bank now has over ten domestic business branches and representative offices as well as three overseas representative offices in South Africa (Representative Office for Southern & Eastern Africa), Paris and St. Petersburg. In terms of correspondent network, it has set up correspondent banking relations with more than 500 banks overseas.
As an important force in promoting foreign trade and economy and a significant component of the financial system, China Eximbank has been acting as a key channel of policy financing for both Chinese import-and- export of mechanic and electronic products, complete sets of equipment, and high- and new-tech products and undertaking of offshore construction contracts and overseas investment projects by Chinese companies. Meanwhile, the Bank is a major onlending bank of foreign government loans and the only operating bank for Chinese Government Concessional Loan. By doing so, the Bank is playing a bigger role in promoting the development of China's open and export-oriented economy.