Iron ore supplier Xiamen Xinde Co sets up shop in Lin-gang
Xiamen Xinde Co – one of the top 500 companies in China in 2021 and also one of the leading 20 global iron ore suppliers – recently established a supply chain subsidiary in the Lin-gang Special Area, East China's Shanghai city.
Xiamen Xinde was founded in 1984 and was listed on the Shenzhen Stock Exchange in 1997. It has three core businesses: automobile sell on commission, automobile supply chain and information technology.
Its Shanghai branch will coordinate with the group's onshore and offshore bulk commodities trade, expanding potential international business relying on its parent company. It will aim to develop into a regional trade headquarters in the Lin-gang Special Area, helping to boost offshore trade in Shanghai.
In addition, the company is expected to contribute to the renminbi's internationalization and promote greater pricing power in international transactions, by prioritizing RMB settlements and transactions in cross-border trade.
In the wake of Shanghai Xinde's establishment, the Lin-gang Special Area is expected to explore more functions and institutional innovations in the trade and expand cross-border financial services, gathering momentum to build a new international trading platform.
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