ICBC to increase financing for Yangtze River Delta development

BEIJING - China's largest commercial lender has planned an additional 2 trillion yuan ($283 billion) of financing to support the integrated development of the Yangtze River Delta region in the coming five years.

According to a plan released by the Industrial and Commercial Bank of China (ICBC), the bank will set up a new branch in the new area of the Shanghai pilot free trade zone.

It will also establish three business centers on financial innovation, cross-border business and financial transaction markets, respectively, in the delta region.

The bank aims to focus its financial services on the region's coordinated innovation, infrastructure connectivity, ecological protection, public services and opening up, according to the plan.

So far, ICBC's outstanding loans to the region has exceeded 3.3 trillion yuan, with accumulated investment in local government bonds reaching 635.7 billion yuan, said ICBC president Gu Shu.