Recently, CDB held a conference on deepening the use of development finance in supporting the eldercare industry. Attendees discussed how to further leverage development finance to upgrade the eldercare service system. According to the conference, during the 14th Five-Year Plan period, CDB will cultivate 300 leading companies in the eldercare industry, support the building of an eldercare service system in 300 cities, and provide a total of 100 billion yuan in special loans for eldercare services, with a view to using development finance to support China’s proactive responses to population aging. Zhou Qingyu, Executive Vice President of CDB, delivered a speech at the conference.
It is reported that both the CPC Central Committee and the State Council have attached high importance to the development of eldercare services; in Xi Jinping’s report at the 19th CPC National Congress, responding proactively to population aging is proposed and the Healthy China Strategy is announced, marking that eldercare services have become a matter of national strategic importance. Developing the eldercare industry is beneficial to people’s well-being and is also crucial to China’s overall development. It was pointed out at the conference that CDB should understand the urgency of China’s need to develop the eldercare industry, gain an accurate grasp of its significance and development direction, identify where development finance can be applied to support its development, and continue to expand support for it.
It is reported that as the first financial institution in China to enter the eldercare business, CDB places great emphasis on and considers supporting the development of the eldercare industry as a major approach to serving national strategies and expanding its business. For years, CDB has been making vigorous efforts in bank-government cooperation, industry research, and market building, conducting business in specific areas, such as home-based, community-based, and institutional eldercare, optimizing the review and approval system, and developing more financing models. CDB has now become the first financial institution in China to set up a separate department for the eldercare business and release a review and approval system especially designed for the eldercare industry. It is also the only financial institution in the country that provides special loans for eldercare services. As of the end of August 2020, CDB had granted a total of 38.6 billion yuan in loans to help 396 clients advance their eldercare projects in 30 provinces and municipalities, making CDB a leading bank in this field.
Looking ahead, CDB will take the following measures to further support the eldercare industry through financial means. Firstly, it will give more support to the eldercare industry and develop high-quality eldercare products. Secondly, it will provide financing, mechanisms, and consulting to remain a pioneer and builder of the eldercare market. Thirdly, it will enhance the development of innovative models to drive the creation of a multi-tiered system of diversified and market-oriented eldercare services. Fourthly, it will prevent and control risks to ensure that eldercare projects truly serve the elderly population. Fifthly, it will strengthen organization and leadership and take its eldercare business to the next level.
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