CDB to provide ￥360 bn of financing to Greater Bay Area
The National Development Bank (CDB) issued relevant policies, fully implemented the strategic plan of the CPC Central Committee and the State Council on the construction of the Greater Bay Area. In 2020, CDB will provide a total of 360 billion yuan (about 50.5 billion US dollars) of financing to Greater Bay Area.
The financing includes 290 billion yuan of loans and 110 billion yuan in technological innovation and strategic emerging industries. To help the Greater Bay Area to become an essential power for China's high-quality economic development and the overall construction of a well-off society.
CDB will also support the construction of a comprehensive national science center and build a platform for high-level scientific and technological innovation. To support the development of the 5G industry chain in the Greater Bay Area and promote the transformation and upgrading of traditional industries.
Chinese regulators, including the People's Bank of China and the China Banking and Regulatory Commission, issued a guideline calling for financial support for the development of the Greater Bay Area.
The guidelines propose 26 specific measures to promote the Greater Bay Area's cross-border trade, encourage investment and financing, expand the opening of the financial sector, improve the interconnection of financial markets and financial infrastructure, and boost the innovation of financial services.
The Chinese authorities unveiled the Greater Bay Area Development Outline Plan in February 2019, aiming to develop the region into a high-quality development model.
Greater Bay Area includes eleven cities: Hong Kong, Macao, Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.