China’s ICBC Says Lending Into Australian Resources No Longer A Priority

By Esther Tanquintic-Misa,

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Even the primary driver of the Australian resources sector, China, is wary and dubious of the former's slowing mining activity.

Han Ruixiang, head of local operations of Industrial and Commercial Bank of China (ICBC), said the bank has decided to diversify away from Australia's mining sector and instead focus more on the agricultural sector.

"We have anticipated there could be some troubling times ahead for the resources sector and we are starting to diversify into the agricultural sector," he said in The Australia.

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This article appears in: Investing Commodities
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