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Monday, March 13, 2000, updated at 09:13(GMT+8) Business
Banks' Enthusiasm Stirred in Western DevelopmentThe central government's move to direct more investment into China's western area is stirring some banks' investment enthusiasm among banks The China Development Bank (CDB), the country's biggest policy bank, is leading the effort. The bank is considering issuing long term "Western Development Bonds" this year, a top bank official said. According to the plan, the bonds would be targeted to commercial banks, institutions as well as individual investors. They will also be available for listing on stock exchanges. "The bonds will shore up long term bank loans and alleviate the funds shortage in western areas," said CDB Governor Chen Yuan. The central government has reiterated the urgency of granting more support to the development of the western hinterlands this year. Zheng Peiyan, the State Development Planning Commission minister, last week said investment for the western region is projected to rise by 60 percent from last year's 2.99 trillion yuan (about 361 billion US dollars). Printer-friendly Version
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