China Development Bank issues bonds for urban infrastructure construction

BEIJING -- China Development Bank, one of the country's policy banks, has issued 20 billion yuan (about $2.84 billion) of special financial bonds to support urban infrastructure construction.

Raised funds will mainly be used for major urban infrastructure projects in fields including city facilities and public services, according to the bank.

It aims to guide social funds to investing in urban infrastructure through market-based financing, and to facilitate harmonious coexistence between people and nature in cities.

The bonds, with a 10-year maturity and an interest rate of 2.82 percent, were heavily oversubscribed by investors in the market, according to the bank.