China has completed allocating a total of 500 billion yuan (about 70.56 billion U.S. dollars) through a new policy-based financial instrument to spur investment, a spokeswoman for the National Development and Reform Commission (NDRC) said at a press conference on Friday.
"The NDRC, in collaboration with relevant departments, has organized the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China in accelerating the deployment of funds from new policy-based financial tools," said the spokeswoman Li Chao.
"Up to now, the entire 500 billion yuan has been fully deployed, supporting more than 2,300 projects with a total investment of approximately 7 trillion yuan (about 983 billion U.S. dollars). These funds are primarily allocated to the digital economy, artificial intelligence, consumer infrastructure, as well as urban renewal areas, including transportation, energy, and underground pipeline construction and renovation. The new policy-based financial tools have strengthened support for major economic provinces while also supporting a number of qualified private investment projects in important industries and key sectors," she said.
Industry experts believe the financial instrument will accelerate the construction of projects planned in the first half of the year, boost tangible output in the fourth quarter, expand effective investment, and promote the stable and healthy development of China's economy.
China completes deploying 500 bln yuan in policy-based financial tools to spur investment
