China Development Bank steps up support for manufacturing upgrade

BEIJING (XINHUA) – China Development Bank (CDB) has boosted loan support to manufacturing companies in the first half of the year to facilitate transformation and upgrade of the sector.

In the first six months, CDB gave CNY277.7 billion of loans (about USD39.7 billion) to the manufacturing industry, up 45 per cent year on year.

Outstanding loans to the sector amounted to CNY864.8 billion by the end of June, according to the CDB.

The lender said it had set up a targetted loan programme of CNY250 billion to promote quality development in the manufacturing industry and an aid fund plan measuring CNY50 billion to offer efficient and low-cost finance to companies involved in industrial and supply chains.

Official data showed that business activities of China’s manufacturing sector continued to pick up in June amid the country’s efforts to mitigate the impact of the COVID-19 epidemic.

The purchasing managers’ index (PMI) for China’s manufacturing sector ticked up to 50.9 in June from 50.6 in May, according to data by the National Bureau of Statistics.