China Development Bank loans 213.3b yuan for tech transformation, equipment upgrades

BEIJING -- The China Development Bank (CDB) had issued 213.3 billion yuan (about $31.3 billion) in loans for technological transformation and equipment upgrades by the end of May, the bank said on Thursday.

Covering sectors including industrial, energy and electric power, transportation and logistics, the loans supported 366 enterprises and 507 projects, CDB data showed.

Nearly 70 percent of the loans went to intelligent, green, high-end and integrated transformation and upgrading of traditional industries, according to the CDB.

Throughout the first five months, the bank's lending for technological transformation and equipment upgrades surged 120 percent year-on-year, driven by policy support including the central bank's relending facility for technological innovation and upgrades, as well as fiscal-financial coordination funds, according to the bank.

The bank said it has also been facilitating interest subsidy applications to help enterprises access subsidized funds more efficiently.

Looking ahead, the CDB said it will continue to support the large-scale equipment upgrades and consumer goods trade-in programs by strengthening product and service innovation as well as expanding financing support to boost domestic demand and foster new quality productive forces.