China Development Bank Plans to Extend over USD$50 Billion in Credit to Greater Bay Area

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One of China’s three main policy banks is stepping up lending to the Greater Bay Area comprised of Hong Kong, Macau and Guangdong province.

The China Development Bank (国家开发银行) said to state-owned media that it plans to extend 360 billion yuan (USD$50.63 billion) in financing to the Greater Bay Area in 2020.

CBD said that this financing would include 290 billion yuan in loans, as well as 110 billion yuan in financing for tech innovations and strategic emerging industries.

According to CBD this financing will help the Greater Bay Area to “play a greater role in national disease prevention and maintaining stable operation of the economy.”

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