China’s policy bank releases 551.8B yuan in loans

BEIJING: The China Development Bank (CDB) issued 551.8 billion yuan (about $77.68 billion) in loans last year 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.