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China Development Bank's loans to Beijing-Tianjin-Hebei region close 1t yuan

Xinhua | Updated: 2017-02-27 11:25

China Development Bank's loans to Beijing-Tianjin-Hebei region close 1t yuan

The logo of the China Development Bank is seen at a building in Beijing, Jan 9, 2017. [Photo/VCG]

BEIJING - China Development Bank said it has provided 984 billion yuan ($143 billion) of loans in 2016 to support the Beijing-Tianjin-Hebei region.

The state-owned policy bank said nearly 13 billion yuan was put into renovation projects in the town of Lucheng in eastern part of Beijing last year.

Lucheng is located in East Beijing's Tongzhou district, which will be built into a "subsidiary administrative center" for the capital city.

In 2016, the bank granted 73.4 billion yuan in total to fund poverty relief in Hebei province.

From 2014 to 2016, the bank's loans to Beijing-Tianjin-Hebei added up to 1.54 trillion yuan, 18.6 percent of its total loans.

A guideline for coordinated development of the region was approved by the Political Bureau of the CPC Central Committee in April 2015. Coordination will be established in administration, infrastructure construction, environmental protection, industrial development and innovation.

Beijing will become "the national center of political, cultural, and international exchange activities" as well as a technological innovation center.

Tianjin municipality will be a national research and development base for advanced manufacturing industry, a shipping hub for north China, a demonstration area for financial innovation, and an experimental area for further reform and opening up.

Hebei province will be an important national base for trade and logistics, an experimental area for industrial transition and upgrading, a demonstration area of modern urbanization and coordinated development of urban and rural areas, and an ecological buffer zone.

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