China Development Bank offers financing support to Greater Bay Area

The China Development Bank (CDB), one of the country's major policy banks, provided 200.2 billion yuan (about 28.61 billion U.S. dollars) in financial support to the Guangdong-Hong Kong-Macao Greater Bay Area in the first half of 2020.

The funds were channeled for development of key areas including infrastructure connection, high-tech innovation, modernized industries, and protection of ecology and environment, the bank said.

The policy bank's financing support for the Greater Bay Area will total 1 trillion yuan from 2019 to 2022, according to a CDB action plan.

By the end of June, 54 percent of the task has been completed, according to the bank.

Chinese authorities in February 2019 unveiled the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to develop the region into a role model of high-quality development.

The Greater Bay Area consists of Hong Kong, Macao and nine cities in Guangdong -- Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.