Agricultural Bank of China boosts loans for strategic emerging industries

BEIJING - The Agricultural Bank of China, one of the country's largest commercial lenders, reported its balance of loans for strategic emerging industries had climbed more than 65 percent in 2023 compared with the previous year.

The lender has fine-tuned financial support for the scientific and technological innovation system and strengthened financial services involving technology, it said.

It has tailor-made mechanisms for technology finance, set up 19 technology finance service centers in areas with active scientific and technological innovation initiatives, and built more than 200 sub-branches engaged in technology finance, thus improving professional service capabilities and efficiency, the lender added.

China is actively implementing its innovation-driven development strategy. It has set grand development objectives to be achieved by 2035, aiming to join the ranks of the world's most innovative countries, with great self-reliance and strength in science and technology.