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China Letter of Credit Transactions - Knowledge Bank 
 
























China’s Economy and International Trade at a Glance : 
    
  1. Gross domestic product of China is 12,40 trillion US dollars in year 2013. This makes China’s economy 2nd largest economy in the world.    
  2. China is the world's 2nd biggest importer with 1.74 trillion US dollars volume and biggest exporter with 2.05 trillion US dollars volume in year 2012.  
  3. China’s exports exceeds its imports which means that China has a trade surplus. 
  4. China, once was a communist country, has been opening its economy step-by-step to private enterprises since 1980's.
  5. China owes its rapid economic growth to its cheap labor force. Thanks to its cheap labor force multinational companies have been using China as their production bases for decades. But since the beginning of 2000's strong rival countries which are located near to China have emerged that competing to reach international investment with cheaper labor force. Because of this reason some multinational companies have shifted their production plants in to Vietnam, Indonesia, India etc...
  6. China government is being accused of using improper trade incentives in China which leads to create unfair competitive advantage to Chinese companies against their competitors. 
  7. China has been a member of WTO (World Trade Organization) since 11 December 2001. Please check this link for further information on this topic.

Biggest Banks in China and their SWIFT Codes : 









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What are the key points of consideration when working with a letter of credit which is issued in China? 

You should understand Chinese economy, Chinese exports and imports as well as Chinese banks before you proceed to work with a letter of credit which is issued in China.
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Bank Name
Assets(billion USD)
Swift Code(BIC)
Industrial & Commercial Bank of China 
2,763.59
ICBKCNBJXXX
China Construction Bank Corporation
2,115.35
PCBCCNBJXXX
Agricultural Bank of China
2,078.03
ABOCCNBJXXX
Bank of China
2,027.41
BKCHCNBJXXX
China Development Bank
994.685
SDBCCNBJXXX
Bank of Communications
823.033
COMMCNSHXXX
Capital
Beijing
Government
Single-party socialist state
Population
1,353,821,000
Gross domestic product, PPP
$12.405,00 billion
Currency
Renminbi (yuan) () (CNY)
International Tel. Code
+86