One of China’s big state-owned banks has stepped up its financial support for the Jiangsu province economic hub of Suzhou by means of a strategic cooperative agreement.
China Construction Bank (CCB) recently executed the agreement with the Suzhou municipal government to drive “high-quality development of the real economy,” and deepen cooperation in areas including industry transformation, tech innovations, financial inclusion and rural village revival.
Under the “Strategic Cooperative Agreement for Supporting Real Economic Development” (支持实体经济发展战略合作协议), CCB’s Suzhou branch will provide 300 billion yuan (approx. USD$46.44 billion) in comprehensive financial support to the city’s economy over the next five years, as well as provide “one-stop comprehensive services and full lifecycle financial products.”
This will include 50 billion yuan in financial support for “smart transformation and digital transformation manufacturing enterprises,” and 50 billion yuan in financing for tech ventures.