China

China Development Bank Disburses $27bn Infrastructure Stimulus

 

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

 

 

ALSO READ

 

Chinese Stimulus Effort Goes Green: WSJ

 

Sustainable finance gets a big boost from green stimulus

 

China Lockdowns Shred Consumer Confidence, Threaten Recovery

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

Recent Posts

iPhone Maker Pegatron in Second India Factory Negotiations

Pegatron, currently responsible for 10% of Apple's iPhone annual production in India, intends to build…

1 hour ago

China’s CATL to Mass Produce Cheaper M3P Batteries This Year

The batteries will have greater energy density and perform better than lithium-ion phosphate batteries, the…

4 hours ago

Beijing Slams US for TikTok CEO’s ‘Hostile’ Congress Hearing

While TikTok is not available in China, Chew's hearing was closely watched in the country,…

5 hours ago

Asia Stocks Slip as Banking Fears Resurface, TikTok Row Weighs

Japan’s Nikkei and Hong Kong’s Hang Seng both suffered as nervous investors shunned riskier assets…

6 hours ago

Huawei Beats US Sanctions With Chip Tool Breakthrough

The Chinese tech giant lost access to the software in 2020 due to sanctions imposed…

7 hours ago

Nvidia Will Rent AI Computing Power to China – Yicai Global

Analysts say supercomputing power is the major obstacle holding back China's ChatGPT-like bot developers

1 day ago