China's policy bank ups financial support for major projects

BEIJING - The China Development Bank has provided another 150 billion yuan (about 21.45 billion US dollars) to support major infrastructure projects, according to the bank.

The funds are part of the additional 300 billion yuan of infrastructure investment announced by the government in late August, and have financed 421 infrastructure projects, the bank said.

As of Sept 20, the bank has channeled a total of 360 billion yuan of such investment funds into over 800 infrastructure projects.

At a State Council executive meeting last month, China pledged to increase the 300-billion-yuan policy-backed and development-oriented financial instruments for specific projects by another 300-plus billion yuan.

The bank said it will continue to ensure solid work is carried out on fund operations and post-investment management, and it will push for concrete progress in the projects.