The China Development Bank, the Export-Import Bank of China and the China Agricultural Development Bank allocated 250 billion yuan, 100 billion yuan and 150 billion yuan respectively to support the construction of projects in key areas and weak links.
China has allocated $70.56 billion through a new policy-based financial instrument. The China Development Bank, the Export-Import Bank of China and the China Agricultural Development Bank were the three allocators. The objective is to support the construction of projects and weak links. A fund was also created for China’s centrally managed state-owned enterprises to develop emerging strategic industries.
The move is expected to stimulate more than 7 trillion yuan in investments, according to statistics from political banks.
The financial instrument prioritizes technological innovation projects, consumption expansion and foreign trade stabilization, while supporting initiatives in important economic provinces and private investment projects, according to a state-controlled news agency.
The country also established a fund for its centrally managed state-owned enterprises to develop emerging strategic industries, raising 51 billion yuan (~$7.2 billion) in its first phase.
The fund was initiated by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council and is managed by China Reform Holdings Corporation Ltd.
More than 10 centrally administered state-owned enterprises have contributed to the fund, including China Mobile, Sinopec and China National Offshore Petroleum Corporation.
The fund will invest in fields such as next-generation information technology, artificial intelligence, new energy, new materials, high-end equipment, biomedicine and quantum technology.
Fiber2Fashion News Desk (DS)
