BUSINESS China Development Bank transfers 100 bln yuan to small businesses

BUSINESS

China Development Bank transfers 100 bln yuan to small businesses

Xinhua

13:59, December 29, 2019

BEIJING, Dec. 29 (Xinhua) -- The China Development Bank (CDB), a major policy bank, has so far transferred 100 billion yuan (about 14.29 billion U.S. dollars) of loans this year to boost the development of small and micro firms and spur industrial growth in poverty-stricken areas.

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File photo: CGTN

Since the beginning of this year, the loans have been channeled to 322 banks, benefiting more than 120,000 small and micro-sized firms.

Of the total, loans worth 10.5 billion yuan have reached some 100 impoverished counties and helped lift tens of thousands of people out of poverty.

The CDB will continue to give full play to the vital role of development finance institutions and provide high-quality and effective financing services for real economy.

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