The China Development Bank (CDB), a major policy bank in China, said Friday that it disbursed more than 10 billion yuan (about 1.48 billion U.S. dollars) in loans to the elderly care industry in the first seven months of this year, up more than 50 percent year-on-year.
The bank said it continued to play a leading role in supporting the development of the elderly care sector over the seven-month period and facilitated the implementation of several inclusive and accessible "small but beautiful" projects.
In Jining City, east China's Shandong Province, the CDB's provincial branch supported local state-owned enterprises in leveraging idle assets to develop elderly care services, introduced medical resources and professional elderly care service providers, and renovated five sub-district comprehensive elderly care service centers and 26 community (village)-level elderly care service stations, thereby bridging the "last mile" of community-based elderly care.
In Neijiang City, southwest China's Sichuan Province, the CDB provided new policy-based financial instruments and medium- to long-term loans, using an investment-and-loan linkage approach to support the renovation and upgrading of 16 elderly care facilities, thereby improving urban and rural coverage of the three-tier elderly care system comprising regional centers, community centers, and elderly care stations.
Addressing issues such as the weak risk resilience of individual elderly care institutions and the difficulty in reducing operating costs in Xi'an City, northwest China's Shaanxi Province, the CDB actively supported the development of inclusive elderly care institutions into chains and groups to enhance risk resilience, spread operating costs, and improve service quality.
Focusing on supporting elderly care projects - such as community elderly care service upgrades - among the 109 major projects outlined in China's 15th Five-Year Plan, the CDB has established a special loan program worth 100 billion yuan to support the development of the elderly care service system, according to an executive of the bank.
Next, the bank will continue to combine investments in physical infrastructure with investments in human capital, further optimize financial services, vigorously support the development of inclusive elderly care enterprises and community-based elderly care service providers, promote the standardized development of elderly care infrastructure, the professionalization of elderly care services, and the multi-scenario application of products for the elderly, thereby contributing to proactive efforts to address population aging and helping more seniors enjoy a secure and dignified retirement.
China issues over 10 billion yuan in loans for elderly care industry in Jan-July
