ICBC Leasing, a subsidiary of ICBC, and Tianjin Tianfang Investment Holding Co., Ltd. ("Tianfang Investment") have recently closed a financial leasing deal regarding 1,200 sets of textile machinery and equipment, some of which will be shipped to Tianfang Investment's production bases in some Southeast Asian countries. The conclusion of the deal will further boost overseas production capacity of Chinese textile enterprises.

China's textile industry is now accelerating its transformation and upgrading in attempts to adapt to the "new normal" of the world economy and the Chinese economy. On the one hand, Chinese textile enterprises are shifting operations to regions with relative advantages both at home and abroad; on the other hand, they have consistently stepped up technology research and development efforts to realize transformation and upgrading. ICBC Leasing's support of these enterprises to go global in the form of equipment financial leasing, has not only enhanced their international competitiveness, but also offered solid funding support to their technology research and development efforts, as well as transformation and upgrading, which provided positive boost to the adjustment and optimization of the industry structure.

As a constant entrant on the list of the 500 Most Competitive Textile and Apparel Enterprises of China, Tianfang Investment has, by leveraging Southeast Asian countries' advantages in the price of raw materials, energy and labor costs, as well as preferential tax policies been accelerating the pace of "going global" and actively building textile bases and logistics centers in these countries, which has consistently strengthened its overall competitiveness.