CDB to finance more infrastructure projects in China

China's largest infrastructure project lender to fund more urbanization-related projects.

China Development Bank Company said it will allocate more than half of its new renminbi loans to these urbanization projects. It will also expand its support to social livelihood projects and overseas mergers and acquisitions.

Last year, the bank’s loans to government-supported housing projects amounted to US$18.7 billion, accounting for about 60% of all Chinese banks' loans. It increased lending to urbanization-related projects last year in response to Beijing's efforts to boost economic growth.

Loans to these projects totaled US$52 billion last year. Included in this total, however, was funding for coal-oil transport, water conservation, agriculture, forestry, telecommunications and public infrastructure.

CBD also lent US$64.8 billion to firms in midwest and western China where public transit and infrastructure are underdeveloped. Its loans to other sectors such as strategic technology, culture, environment and energy-saving amounted to US$40 billion last year.

The bank is China's biggest bond issuer after the Ministry of Finance, and is also the biggest issuer in the offshore yuan-denominated bond market after the Chinese government.