Banks grant $147m credit to new chamber of commerce

Five banks have agreed to grant credit of 9 billion yuan ($147.7 million) to members of the new Haifeng Chamber of Commerce in Guangzhou, the capital of Guangdong province, sources within the chamber said.

The credit will help small and medium-sized enterprises within the chamber better upgrade their businesses and boost their international presence, said Dicky Tse, chairman and executive director of Artini China Co.

Tse was elected chairman of the chamber, which was launched on Saturday in Guangzhou. Haifeng is a coastal county in eastern Guangdong.

"Most companies within the chamber are engaged in export-oriented businesses. The grants, along with other support measures following the establishment of the chamber, will help them better cope with slow overseas demand," Tse said.

The chamber has some 400 members, with businesses ranging from garments, shoes, jewelry and food to properties in the Pearl River Delta region.