China Development Bank (CDB), the country’s largest policy bank, said on Friday it disbursed 181.5 billion yuan ($27 billion) loans for urban development projects in the first half of the year.
The lender, which transferred 650 million yuan in loans to fund the renewal of an economic zone in the eastern city of Yantai, including the renovation of industrial facilities, vowed to maintain an accelerated pace of lending to fund infrastructure.
The CDB also gave loans of 280 million yuan for the construction of gas, electricity and water pipelines in Chuzhou, in Anhui province, and 98 million yuan for similar projects in Beijing.
But the world’s second-biggest economy slowed sharply in the second quarter, depressed by strict Covid-19 containment measures and a distressed property market. So, policymakers have pledged to boost spending on infrastructure to revive the economy.
Authorities in a cabinet meeting in June said that they had given policy banks 800 billion yuan in new credit quotas to fund infrastructure projects.
- Reuters with additional editing by Jim Pollard