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Bank Backs Shanghai Auto Industry
The Shanghai Auto Industry Group, one of China's biggest auto makers, has received huge amounts of bank credit for its market expansion.
The group signed an agreement here today with the Industrial and Commercial Bank of China, which has promised to provide nine billion yuan-worth of credit.
The money will help auto dealers to buy the group's products.
Individual customers can also apply for loans from the bank to buy the group's autos.
Shanghai regards the auto industry as one of its six pillar industries. The city is striving to make the group one of the 500 biggest companies in the world.
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