Policy lender China Development Bank (CDB) has announced that it will step up the provision of loans to innovative undertakings in the Chinese STEM sector during the 14th Five Year Plan.
CDB plans to extend 50 billion yuan in tech innovation and basic research special loans in 2021, and a total of 300 billion yuan in such loans during the 14th Five Year Plan that runs from 2021 to 2025.
The policy bank outlined its lending targets in the “Guidance Opinions Concerning Accelerating the Advance of Tech Innovation and Basic Research Special Loans” (关于加快推进科技创新和基础研究专项贷款的指导意见) that it issued at the beginning of April.
According to the Opinions the special loans will focus on “major science and technology projects, the development of major science and technology infrastructure and major innovative tech enterprises,” and will primarily be used to support basic research and original innovation, as well as to implement strategic scientific plans and scientific projects.
CDB implement a “differentiated loan policy” in the provision of the special loans, which will reduce the costs for science and technology innovations.
CDB also said that it would expand the vigour of its support for tech enterprises, large-scale tech projects and the integration of industry, academia and research during the 14th Five Year Plan.