Chinese policy bank steps up support for revitalizing NE region

This aerial photo taken on April 8, 2023 shows large tractors preparing the field for planting at a field of Jianshe Farm Co., Ltd. under the Beidahuang Group in Bei'an City, northeast China's Heilongjiang Province. (Xinhua/Wang Song)

BEIJING, May 13 (Xinhua) -- China Development Bank, one of the country's policy banks, has increased financial support for the revitalization of the northeast parts of the country in recent years, data from the bank shows.

By the end of April, the policy bank had issued nearly 400 billion yuan (about 57.6 billion U.S. dollars) of loans to projects involved in this undertaking, it said.

It had also allocated 23.3 billion yuan of infrastructure investment funds to the region, backing 32 major infrastructure projects.

These loans have boosted the construction of highways, energy bases, water supply facilities and water diversion projects, and helped nurture strategic emerging industries in the northeast region, according to the bank.

The policy bank said that it would provide more financing support for the region this year, with the proportion of mid- and long-term loans expanding steadily.