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China Development Bank ups support for sci-tech companies

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(240513) -- HARBIN, May 13, 2024 (Xinhua) -- A robot is displayed during an exhibition showcasing innovation and entrepreneurship achievements among college students from the Harbin Institute of Technology on the Central Street in Harbin, northeast China's Heilongjiang Province, May 13, 2024. (Xinhua/Wang Song)

The China Development Bank (CDB), a major policy bank in the country, has stepped up its medium- and long-term financing support for science and technology enterprises.

From January to April this year, the CDB issued science and technology loans worth 40.6 billion yuan (about 5.7 billion U.S. dollars), among which 16.5 billion yuan went to supporting the development of integrated circuits, mechanical equipment and industrial automation, basic materials, new energy technology applications, biomedicine and other fields.

Since 2021, the CDB has set up special loans for scientific and technological innovation and basic research.

To date, it has issued more than 277 billion yuan to support the research and development of key technologies and basic frontier technologies, help promote the layout and construction of major scientific and technological infrastructure, and serve to enhance national strategic scientific and technological developments.

Xinhua
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