The government of China has established Sino-CEEF, a financial holding company which is poised to become a new platform for cooperation between China and the European countries.
The new company will establish Sino-CEE fund, which will focus on cooperation in investing in infrastructure, hi-tech production and mass consumption.
Countries of Central and Eastern Europe as well as separate companies and financial organizations expressed interest in the new fund.
The size of the investment fund is estimated at 10 billion euros.
The Industrial and Commercial Bank of China (ICBC) is a founding shareholder and the main investor of the company.
On November 4-5, the China – Central and Eastern European Countries Economic and Trade Forum took place in Riga, Latvia. Chinese Premier Li Keqiang attending the meeting noted that China and Europe should further expand mutual interests.
It was not the first time Beijing showed willingness to cooperate with Europe. In 2013, the Silk Road Fund was established with an aim to expand cooperation between the countries which are transport routes from Asia to Europe.