NDRC and China Development Bank Plan 100bn Yuan Investment in Digital Economy over Five Years
The National Development and Reform Commission (NDRC) and China Development Bank (CDB) have unveiled plans to drive 100 million yuan of investment into big data, the Internet of Things and cloud computing.
NDRC and CDB executed the “Cooperative Agreement for Developmental Finance to Support the Growth of the Digital Economy” (支持数字经济发展开发性金融合作协议) on 17 September, with the goal of “guiding financial institutions to expand support for the digital economy.”
According to the NDRC’s official website the move will “expedite the integrated development of the internet, big data and the Internet of Things with the real economy.”
The Agreement outlines investment of 100 billion yuan over the next five years to support big data, IoT, cloud computing and new model smart cities, with priority given to the incubation and support of a series of key digital economy projects.