On  August 2, 2012, Ningbo Foreign Trade Micro-credit Co., Ltd.( hereinafter referred to as “Foreign Trade Micro-credit”) was officially established. Initiated by Grand Resources Group (hereinafter referred to as “GRG”), the company was established by GRG and some other backbone enterprises in Ningbo’s foreign trade industry. Hong Jiaxiang, Vice Mayor of Ningbo, Yao Beijun, Director of Municipal Finance Bureau of Ningbo Peoples’ Government, Yu Danhua, Head of Ningbo Foreign Trade & Economic Cooperation Bureau, Song Hanguang, President of Ningbo Branch of People’s Bank of China, Ling Gan, Director of Ningbo Banking Regulatory Bureau, and some other officials attended the inauguration ceremony.

Foreign Trade Micro-credit signed strategic cooperation agreements respectively with Ningbo Brach of Bank of China, Ningbo Brach of the Export-Import Bank of China, Ningbo Enterprises Association for Foreign Economic Relations & Trade, and Ningbo Brach of China Export & Credit Insurance Corporation. As China’s first foreign trade micro-credit company, Foreign Trade Micro-credit will play an important role in supporting small- and micro-sized enterprises as a part of the regional financial system in Ningbo.