Israel–China financial protocol signed last week

The Second Financial Protocol for cooperation between Israel and China was signed last week by the Accountant General of the Israel Ministry of Finance and the Vice-Minister of Finance of the PRC
 
Last week (Nov. 25, 2004), the signing ceremony for the Second Financial Protocol between the governments of Israel and China was held at the official hosting facility in Beijing. The Vice-Minister of Finance of the PRC, Li Yung, signed the agreement for China, and the Accountant General of the Israel Ministry of Finance, Dr. Yaron Zelikha, signed on behalf of Israel.
 
The purpose of the Financial Protocol agreement between Israel and China is to promote bilateral trade by allowing Chinese companies to take long-term loans when they do business with Israeli exporters in capital products and establishment of infrastructure.
 
At the office of the commercial and trade attachי at the Israel Embassy in Beijing, it is believed that the new protocol will help to expand Israel–China trade in view of the many adjustments that it makes, especially in creating alternatives for medium-term finance. These adjustments will open the door to firms that had not been able to use the Protocol thus far.
 
The Accountant General, Dr. Zelikha, accompanied by his deputy, Yuval Bronstein, and the Chief Executive Officer of IFTRIC (the Israel Foreign Trade Risk Insurance Corporation), Uri Bernstein, will hold high-level meetings in Beijing with leading figures in the Chinese financial sector.