China EximBank promises to allocate 800 billion yuan to finance new industries

Beijing. March 26. Silkroadnews - China’s National Development and Reform Commission and the Export-Import Bank of China (China EximBank) signed an agreement on increasing financial support for developing industries as part of efforts to boost the economic growth, SINA portal informs.
China EximBank will offer at least 800 billion yuan (about $126.4 billion) of financial support to strategic sectors of the country, including the production of high-tech equipment and vehicles operating on new types of energy, for the period until 2020.
The funds will be used to finance major projects in emerging industries and build innovation platforms in accordance with the agreement.
As China strives for high-quality development, it creates new incentives for economic growth, such as high-tech equipment, equipment manufacturing, etc., which have shown steady growth in recent years.
According to the official data, production in high-tech industries and equipment manufacturing sector have grown 11.9% and 8.4%, respectively.