China Development Bank steps up support for manufacturing upgrade
BEIJING, July 26 (Xinhua) — China Development Bank (CDB) has boosted loan support to manufacturing companies in the first half of the year to facilitate transformation and upgrade of the sector.
In the first six months, CDB gave 277.7 billion yuan of loans (about 39.7 billion U.S. dollars) to the manufacturing industry, up 45 percent year on year.
Outstanding loans to the sector amounted to 864.8 billion yuan by the end of June, according to the CDB.
The lender said it had set up a targeted loan program of 250 billion yuan to promote quality development in the manufacturing industry and an aid fund plan measuring 50 billion yuan to offer efficient and low-cost finance to companies involved in industrial and supply chains.
Official data showed that business activities of China’s manufacturing sector continued to pick up in June amid the country’s efforts to mitigate the impact of the COVID-19 epidemic.
The purchasing managers’ index (PMI) for China’s manufacturing sector ticked up to 50.9 in June from 50.6 in May, according to data by the National Bureau of Statistics.