China Development Bank (CDB), the country’s top policy lender, has pledged financing of RMB 360 billion ($50.4 billion) this year to support the development of theGreater Bay Area (GBA), a cluster of cities in southern China that the government wants to transform into a financial, technology and innovation powerhouse, reported Caixin.
The commitment follows the May 15 announcement by China’s financial regulators of a wide-ranging plan to facilitate cross-border transactions and investments within the GBA, which comprises nine cities in Guangdong province, along with Hong Kong and Macao.
Of the RMB 360 billion, RMB 110 billion will comprise financing for technology innovation and strategic emerging industries, the Beijing-based state-owned bank said in a statement Monday.
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