China Development Bank boosts financial support for foreign trade

China Development Bank has rolled out a robust set of measures to provide strong financial support for businesses in the country's foreign trade sector this year.

The bank has been leveraging a wide array of financing instruments, including project loans, syndicated loans, working capital loans, corporate financing, on-lending and trade financing, to channel more credit resources into the foreign trade domain, CDB said in a news release on Friday.

In particular, the bank has formulated specific measures to utilize on-lending loans and work closely with city commercial banks, to provide targeted financial support to small and medium-sized foreign trade firms.

As of March 19, CDB has disbursed 14.25 billion yuan ($1.97 billion) in on-lending loans for foreign trade stabilization to provinces such as Jiangsu, Guangdong and Shandong, helping foreign trade enterprises reduce their financing costs and reinvigorate their development momentum, the bank said.

Meanwhile, CDB has set up a dedicated 35-billion-yuan quota to provide direct lending support for the stabilization of foreign trade, according to the bank.

wangkeju@chinadaily.com.cn