The China Development Bank has stepped up lending support for technological innovation and high-quality development in the manufacturing sector, data shows.
The data showed that from January to August, the bank provided 330 billion Yuan (about 47.5 billion dollars) in loans to manufacturing companies.
The data said that by the end of August, the bank’s outstanding loans to the manufacturing sector amounted to 1.11 trillion Yuan.
It said it was 15.8 per cent from the level at the end of last year, outpacing the average growth across the bank’s all loans in the same period.
It said that 633.7 billion Yuan went to strategic emerging industries such as new-generation information technologies, high-end equipment manufacturing, new materials and new-energy vehicles.
“Up to 88 per cent of the lending to the manufacturing sector by the end of August had been medium and long-term loans.
“This is a record high and an increase of 13 percentage points from the level at the end of 2020,’’ the bank said.
