Agricultural Development Bank of China Bazhou Branch provides RMB 750 million to help leading textile companies accelerate production at full capacity

Recently, with the release of a 140 million yuan poverty alleviation credit fund, Xinjiang Zhongtai Textile Group Co., Ltd. (hereinafter referred to as “Zhongtai Textile”) applied for a 450 million yuan industrial industrial loan from the Bazhou Branch of the Xinjiang Uygur Autonomous Region. All working capital poverty alleviation loans have been put in place, and the sufficient credit funds have provided a strong guarantee for China and Thailand Textile to accelerate production.

Bazhou is one of the major cotton-producing areas in Xinjiang, and its cotton spinning production capacity accounts for a quarter of Xinjiang’s total. In 2016, Xinjiang Zhongtai (Group) Co., Ltd., the leading industrialization enterprise in the autonomous region, seized this advantage and established Zhongtai Textile in Bazhou, and reorganized and invested in 8 textile-related enterprises across Xinjiang. A textile industry group with Zhongtai Textile as the core has been established. Currently, Zhongtai Textile Group has an annual output of 730,000 tons of regenerated cellulose fiber, 250,000 tons of pulp, 600,000 tons of sulfuric acid, and 3.15 million ingotsViscoseyarn has formed a whole industry chain development model from green pulping, recycled wood pulp manufacturing, cellulose short fiber production to high-end spinning and downstream weaving, becoming the world’s largest regenerated cellulose Fiber yarn production base. Since 2020, affected by overlapping factors such as the release of new production capacity in the domestic industry, Sino-US economic and trade frictions, and the COVID-19 epidemic, the downward pressure on the viscose fiber market, the main product of Zhongtai Textile Group, has continued to increase, with operating efficiency declining and a gap in working capital. .

In order to help Zhongtai Textile Group “turn crisis into opportunity” and quickly return to the track of high quality development, the Bazhou Branch made every effort to ensure that many companies including Zhongtai Textile Enterprises above designated size have stabilized production and increased efficiency, arranged for dedicated personnel to collect rating credit and poverty alleviation loan identification information, and actively promoted the progress of loan application and approval. On March 26, the first poverty alleviation loan of 310 million yuan was issued, which timely alleviated the imminent problem of Sino-Thai Textiles. solve the problem and help it purchase 80,000 tons of caustic soda and 60,000 tons of pulp, which can produce 58,000 tons of viscose fiber.

“The Agricultural Development Bank of China’s 450 million yuan fund has effectively alleviated our company’s capital turnover problem.” Ji Weixiang, financial director of Zhongtai Textile, said, “This loan returned us a preferential interest rate, reduced our operating costs, and effectively promoted The company operates efficiently.”

At the same time, the loan of 450 million yuan will help 50 relatively poor people to obtain an average annual income of 36,000 yuan per capita in the next five years by providing employment positions. Yuan, effectively consolidating and expanding local poverty alleviation achievements.

In addition, we learned from the Bazhou Branch that since the beginning of the year, the bank has given full play to its role as a policy bank and has invested a total of 750 million yuan in credit funds to help three textile companies solve capital turnover problems and achieve great progress for the local textile industry. development provides strong financial support.

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