One of China’s three policy banks has announced that it will expand financing to the Jing-Jin-Ji area comprised of Beijing, Tianjin and Hebei province.
Xinhua reported on 4 June that in 2020 the China Development Bank (CDB) will provide 550 billion yuan (approx. USD$77.6 billion) in total financing to the Jing-Jin-Ji area, including 520 billion yuan in domestic and foreign currency loans.
The loans are for the purpose of “expanding financial support to the coordinated development of Jing-Jin-Ji, and employing the countercyclical adjustment role of development financing.”
CDB’s financial services will focus on the Xiong’an New Area, the development of Beijing’s subsidiary administrative centre, Zhangjiakou’s environmental development, the Winter Olympics site, and Tianjin’s Binhai New Area.
CDB recently unveiled plans to provide over USD$50 billion to the Greater Bay Area comprised of Guangdong province, Hong Kong and Macau.