​China's manufacturing sector to receive more financial support

An employee works at a workshop of a beer factory in Suifenhe, northeast China's Heilongjiang Province, on Sept. 9, 2020. (Xinhua/Zhang Tao)

BEIJING, Oct. 10 (Xinhua) -- Local governments and banks of China have expanded financial support for the manufacturing sector over the past month, especially for the new infrastructure construction and strategic emerging industries, reported Economic Information Daily Friday.

China Development Bank (CDB) has recently issued 10 million yuan of loans to Junlang Electric Co., Ltd., an electrical component and equipment manufacturer in east China's Zhejiang Province, and this is the first loan issued by CDB under its manufacturing capital cooperation program, aiming at providing mid- and long-term financial support with low interest rates.

In early September, the Ministry of Industry and Information Technology of China (MIIT) and CDB jointly announced a batch of 105 major projects in the industrial communications sector that will receive the CDB special loan for  manufacturing sector.

The 105 projects boast a total investment of nearly 710 billion yuan, and the financing needs are about 300 billion yuan.

At the local level, the manufacturing capital cooperation program was implemented on September 29 in the Changsha Economic and Technological Development Zone, contributing to the sustainable development of the zone.

The Department of Economy and Information Technology of Hubei Province signed financial cooperation agreements separately with CDB Hubei Branch, the Export-Import Bank of China Hubei Branch, and China Everbright Bank Wuhan Branch, with the aim to create sound investment and financing environment for the post-pandemic recovery of industries and the high-quality development of the manufacturing industry of Hubei.

The Department of Industry and Information Technology of Guangdong Province co-launched a special financing service plan with the Bank of China Guangdong Branch to increase loan support by 500 billion yuan to enterprises in strategic industrial clusters of Guangdong Province in the next five years.

It's learned that many banks will further innovate financial products and services to help expand the investment in and the upgrading of the manufacturing sector. (Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)