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CDB Issues Policy to Support Zhejiang’s Endeavor to Develop into a Common Prosperity Demonstration Region

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Time:2021-09-26  Source:CDB

CDB has recently issued a policy to benchmark with the central government’s arrangements to ramp up its financial support for Zhejiang’s endeavor to seek quality development and develop into a common prosperity demonstration region. During the 14th Five-Year Plan Period (2021-2025), CDB will strive to provide no less than 350 billion yuan in loans to Zhejiang, including no less than 50 billion yuan to 26 counties in the mountainous areas, as part of a continued effort to enable substantial progress in Zhejiang’s goal of developing into a common prosperity demonstration zone by 2025.

According to the Action Plan for Leveraging Development Finance to Support Zhejiang’s Endeavor to Develop into a Common Prosperity Demonstration Zone issued by CDB, the bank will adhere to its role as a development financial institution while focusing on its main responsibilities and businesses. In light of Zhejiang’s strategic positioning as a pioneer region for high-quality development and high-quality life, a leading region for the coordinated development of urban and rural areas, a pilot region for the income distribution system reform and an exhibition region for civilized, harmonious and beautiful homes, CDB will leverage the philosophy of development finance bringing together capital and talent to boost Zhejiang’s effort in building a beautiful society of common prosperity, so that it can serve as a national example.

According to the Action Plan, the bank has identified some prioritized areas for strengthening bank-government cooperation, i.e. facilitating technological innovation, coordinating regional development, enhancing people’s livelihood and welfare, creating cultural clusters, and promoting ecological progress. CDB will step up efforts in product and service innovation, and play its role as a guide of non-governmental funds to support the development of Zhejiang Province. Meanwhile, CDB will stick to operating in a compliant manner, prevent and resolve major risks, as part of an effort to help Zhejiang create a safe and robust financial environment.

Specifically, CDB will advance the re-engineering of the manufacturing industry and the upgrading of the industrial chain in Zhejiang to consolidate the industrial foundation for common prosperity. CDB will step up efforts to make up for the shortcomings in the construction of urban and rural infrastructure, and serve Zhangjiang’s endeavor to develop as a province with well-established transportation infrastructure. Efforts will be made to support the construction of a clean energy supply system to make up for the shortcomings in water conservancy infrastructure, promote the development of a new type of urbanization to serve China’s rural revitalization drive, strengthen housing security, create an integrated medical and health service system, and improve the multi-layered public service system. CDB will boost Zhejiang’s effort to defend the clean sky, water, and land through the disposal of used water, gas, and waste. CDB will promote the implementation of comprehensive renovation and ecological restoration projects covering all the rural areas in Zhejiang. CDB will vigorously promote the pilot project using the ecological environment-oriented development (EOD) model, and promote the improvement and application of the ecological product value realization mechanism in an all-round manner.

CDB claims that it will give full play to the role of development finance and insist on putting planning first in the provision of comprehensive financial services, including investment, loans, bonds, leasing, and securities, in a market-oriented approach, as part of an effort to accumulate experience in leveraging finance to promote Zhejiang’s endeavor to pursue high-quality development and develop into a common prosperity demonstration zone. Through development financial services, CDB strives to enable substantial results in the development of Zhejiang into a common prosperity demonstration region by the end of 2035, thus establishing workable support models that can be duplicated in other parts of the country.