China Travel & Tourism News
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Policy bank to extend huge loans to Pudong New Area of Shanghai
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07-Nov-2005 - Xinhua |
The China Development Bank (CDB), one of the country's policy banks, plans to grant 30 billion yuan (3.7 billion US dollars) in loan to the Pudong New Area of Shanghai.
The loans will be granted to assist Pudong in building urban engineering projects and major projects in the fields of science and technology, education, culture and public health in China's 11th Five-Year Programme (2006-2010) period, according to two agreements signed here Saturday between the CDB and the government of Pudong New Area.
The China Development Bank will also serve as the finance consultant for the government of Pudong New Area, providing advices on banking reform, financial innovations, industrial restructuring and investment structure reform, according to the agreements.
In 2002, the bank decided to lend 5 billion yuan (617 million US dollars) to Pudong to help it build a number of key projects including the Pudong International Airport and the outer ring road and exploitation of the Zhangjiang, Jinqiao and Waigaoqiao development zones.
The financial business has become a pillar of economic growth in Pudong.
Official statistics showed, by the end of September, the number of financial institutions, including domestic and overseas, had risen to 351 in Pudong. Seven factor markets, including securities, futures, property rights and gold markets, have established. The amount of assets and loans of foreign banks in the new area make up half of the national total.
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07-Nov-2005 - Xinhua |
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