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Above all, China's Export-Import Bank, or China EximBank, has funded at least four vessels over the last decade. Its loans often have lower interest rates and repayment schedules that are more generous than those with certain commercial lenders. In 2015, the bank had made at least $ 300 million available to Foremost.
Angela Chao, in the interview with the Times, said that the year 2015 was the last year the company had borrowed from the lender, describing its terms as less attractive than those of non-Chinese banks. She said the company had never borrowed – "not even close" – $ 300 million, a figure she had not heard about yet. "They are not part of our funding," she said.
The documents in China show that the Chao family has close relations with Chinese leaders.
While the civil war was going through the country in the 1940s, Mr. Chao studied at Shanghai Jiao Tong University. One of his comrades was Mr. Jiang, who stayed in China after the Communist Party's victory and eventually became president. According to his biography, Mr. Chao traveled with the defeated nationalists to Taiwan, where he became the youngest person to qualify as a ship captain.
Mr. Chao left for the United States in 1958, but the return of relations prompted by President Richard M. Nixon brought him back to his homeland in 1972, the first of a year. series of trips that established him as an influential member of the Chinese diaspora. .
Mr. Chao had exceptional access. In 1984, he was invited to Beijing to celebrate the 35th anniversary of the People's Republic and to meet the country's chief, Deng Xiaoping, according to documents from a Shanghai museum dedicated to the wife of Mr. Chao, Ruth Mulan, died 2007.
Also in 1984, as China emerged from decades of political and economic turmoil, Ruth Chao acquired a stake in a Chinese company that manufactures marine equipment, including radars, in partnership with Raytheon, the US subcontractor defense, according to Chinese company documents.
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