The Pingtan Communications Investment Group of Fujian province?got a credit line of 330 million yuan or $50 million?from Taiwan's Taishin International Bank, guaranteed by the local branch of China CITIC Bank, as per an agreement signed by the three parties on Dec 29 in the Pingtan Comprehensive Pilot Zone.

According to the agreement, the fund will be used for Pingtan's opening-up and construction.

Local authorities said that this was a successful example of cross-Straits financial cooperation, since the group acquired a dual-currency credit line from the Taiwan bank.

The authorities added that this marked the opening of a new fund-raising channel linking Pingtan enterprises and Taiwan banks, thanks to the companies' continuous financial exchanges with Taiwan arising from the advantages of the zone's preferential policies.

Taishin International Bank, founded in 1990 is the sixth largest commercial bank in Taiwan. It now has 98 domestic and overseas branches, an overseas department and offshore banking unit, and a representative office in Ho Chi Minh City of Vietnam. It also provides clients with trust services. It has an international long-term rating of BBB+ from Fitch Ratings. It also was named as the Outstanding Private Bank in the Asia-Pacific Region.