China Development Bank bolsters financial support for sci-tech innovation

BEIJING, July 7 (Xinhua) -- The China Development Bank (CDB), one of the country's policy banks, has issued loans worth 157.7 billion yuan (about 23.5 billion U.S. dollars) in the first half of the year to support science and technology innovation.

The figure reached a five-year high for the same period, advancing the development of key areas including new energy, life and health, and space science and technology.

Last year, the CDB set up a special loan program to support science and technology innovation as well as fundamental research. In the January-June period, a total of 50 billion yuan had been lent to strengthen the low-cost and long-term funding supply.

In April, China set up a science and technology innovation re-lending program to provide low-cost funds to 21 financial institutions and guide them to issue loans to sci-tech enterprises.

The CDB has so far lent more than 80 billion yuan to eligible tech companies as part of the policy.