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China Development Bank (CDB), one of the country's three policy banks, Sunday signed two financial support agreements with the city government of China's capital.
Under the accords, the bank will offer 10 billion yuan (US$1.205 billion) in loans to the construction of small towns around Beijing and another 10 billion yuan (US$1.205 billion) to the city's Zhongguancun Science and Technology Zone (ZSTZ), known as China's "Silicon Valley".
Small town construction is one of the priorities on CDB's lending agenda, and is also one of the top concerns of the city government. Beijing started planning for small towns development in 1995 and has since worked out a series of documents on reform of household registration system, land use and management for small towns.
As an important contributor to the economic growth in Beijing, the ZSTZ acquired 8-10 billion yuan (US$963.855 million-US$1.205 billion) in loans from CDB two years ago. The bank has to date handled 20 infrastructure and industrial base construction projects in the zone, involving 9.808 billion yuan (US$1.182 billion) in 16 loans.
China Development Bank has played an active role in supporting the economic and social development in Beijing, bank officials say.
Up to now, outstanding loans by CDB to projects in Beijing has amounted to 26 billion yuan (US$3.133 billion), with an average annual growth rate of 43.6 percent.
(Xinhua News Agency December 30, 2002)
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