The new Vienna office with its 14 employees is a branch of the already established branch and regional headquarters in Budapest, Hungary. Setting up a branch in Vienna was discussed during last year’s visit of Austrian President Heinz Fischer to China. Beijing is apparently anticipating great business opportunities particularly in Central and Eastern Europe.
A bank like no other
The state-owned Bank of China is considered to be a bank of enormous proportions: with more than 300,000 employees, it holds USD 1.8 trillion in deposits and USD 1.4 trillion in loans. In 2014, the bank’s profits amounted to USD 29 billion.
China is by far the most important Asian trade partner to Austrian businesses. In 2014 – and more recent figures are not available – the bilateral trade volume between Austria and China exceeded EUR 10 billion for the first time.
Machinery and transport equipment form the most dominant import and export category. Moreover, manufactured articles are among the most imported goods from China. The world’s most populous country is Austria’s third-largest supplier of goods.