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China’s policy bank lends $78bn to industries last year

 Published: 15:20, 12 February 2024

China’s policy bank lends $78bn to industries last year

The China Development Bank (CDB) issued 551.8 billion yuan (about $77.68 billion) in loans in 2023 to support the development of the country's advanced manufacturing and strategically important emerging industries.

These funds were mainly used to back the development of new-generation information technology, high-end equipment, new materials, new energy vehicles, energy conservation and environmental protection, and bio-medicine, among others, according to the policy bank.

The CDB said it had provided medium and long-term funds for the research and development of key technologies as well as basic frontier ones, and helped strengthen industrial chains with multiple financial services such as loans, investments and bonds.

The CDB also facilitated the implementation of a number of key manufacturing projects through a fund managed by one of its subsidiaries, which focuses on the sector's transition and upgrading.

By the end of 2023, the fund provided 27.3 billion yuan to finance 76 projects, covering industrial chains of sectors such as basic software, electronic materials, industrial internet and smart grid, said the CDB.