China boosts loan support for innovative manufacturing industry



The China Development Bank has stepped up lending support for technological innovation and high-quality development in the manufacturing sector, data showed on Tuesday.

In the first eight months of 2022, the policy bank provided 330 billion yuan ($47.5 billion) in loans to manufacturing companies.

By the end of August, the bank's outstanding loans to the manufacturing sector amounted to 1.11 trillion yuan, up 15.8 percent from the level at the end of last year, outpacing the average growth across all of the bank's loans in the same period, it said.

Of these loans, some 633.7 billion yuan went to strategic emerging industries such as new-generation information technologies, high-end equipment manufacturing, new materials and new energy vehicles, up 32 percent year on year.

Up to 88 percent of the lending to the manufacturing sector by the end of last month had been medium- and long-term loans, a record high and an increase of 13 percentage points from the level at the end of 2020, the bank said.

Moving forward, the bank will put more emphasis on the technological innovation and high-quality development of the service manufacturing industry, it added.