The China Development Bank will improve the number of infrastructure loans it gives to regional governments.
It comes after China’s cabinet was quoted as announcing in August it would take more steps to support the world’s second-largest economy, including increasing funding support for infrastructure projects.
($1 = 7.0925 Chinese yuan)
“The lender has expended 360 billion yuan ($50.76 billion) to finance more than 800 infrastructure undertakings“. The CDB said in a statement.
As a portion of the 360 billion yuan, the CDB expended two billion on a railway linking Guangzhou Baiyun International Airport to a village in the southern city of Guangzhou and one billion yuan on a water project in the southern region of Guangxi. Additionally, it had also proposed 150 billion yuan to fund 421 undertakings after last month’s Cabinet meeting.
At the August meeting, the cabinet said, “China would unveil 19 new policies to support the economy, including raising the quota on policy financing tools by 300 billion yuan“.