Image: Reuters Berita 24 English - The largest policy bank in China announced on Friday that it had provided 181.5 billion yuan ($27 billion...
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| Image: Reuters |
Berita 24 English - The largest policy bank in China announced on Friday that it had provided 181.5 billion yuan ($27 billion) in loans for urban development projects in the first half of the year and promised to keep up an accelerated pace of lending to finance infrastructure.
According to reports, the China Development Bank (CDB) has provided loans totaling 650 million yuan to support the revival of an economic zone in Yantai, a city in eastern China, including the repair of industrial facilities.
For the building of gas, power, and water pipelines in the eastern city of Chuzhou and the capital of Beijing, respectively, the CDB additionally separately provided loans of 280 million yuan and 98 million yuan.
Due to stringent COVID-19 control measures and a distressed real estate market, the second-largest economy in the world saw a significant slowdown in the second quarter. In order to strengthen the economy, policymakers have promised to increase infrastructure spending.
The government announced that policy banks had received 800 billion yuan in new credit quotas to fund infrastructure projects in a cabinet meeting in June.
$1 is equal to 6.7657 Chinese yuan renminbi.
