China state bank to provide more financing for Beijing-Tianjin-Hebei region

BEIJING (XINHUA) – China Development Bank will provide CNY550 billion (about USD77.46 billion) in financing to support the coordinated development of Beijing, Tianjin and Hebei.

Of the total financing amount, CNY520 billion will be loans denominated in yuan and foreign currencies, the bank said.

The bank also pledged to provide efficient financing services to support the development of the Xiongan New Area, the construction of Beijing’s sub-centre and the preparations for the Beijing Olympic Winter Games. Founded in 1994, the bank is a policy financial institution under the direct leadership of the State Council, or the Cabinet.

It provides medium- to long-term financing facilities that serve China’s major economic and social development strategies.