China Development Bank will extend a US$29.3 billion line of credit to Shenzhen, Reuters reported. The credit would extend over five years and focus on providing credit for small and medium-sized enterprises. It is also expected to help Shenzhen develop high-tech and cultural sectors, as well as boost spending on infrastructure. A sharp increase in bank lending in January and February saw total loans reach US$147 billion in February, but the majority of loans have targeted larger companies. Shenzhen has been hit hard by the global economic downturn as demand for exports has dried up.
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