CDB has recently issued a policy to conscientiously implement the guidelines of the central government by stepping up effort to support Pudong New Area on its path to becoming a leader in socialist modernization. During the 14th Five-Year Plan Period (2021-2025), CDB will strive to provide a total of 250 billion yuan in financing to Pudong New Area, of which 150 billion yuan in loans will be issued to boost Pudong New Area’s effort in leveraging financial and expert services to develop as an incubator of independent innovation, stimulate new momentum for high-quality development, build new advantages through cooperative innovation, serve China’s endeavor to build a new development paradigm, and open a new chapter for building Shanghai into a people's city.
According to the Action Plan for Leveraging Development Finance to Support Pudong New Area's Effort to Develop into a Leader in Socialist Modernization issued by CDB, the bank will step up reforms and innovations as it seeks for in-depth bank-government cooperation. It will provide a comprehensive portfolio of financial services, i.e. investment, credit, debt, leasing, and securities, to improve and enrich the theory and practice of socialist development finance with Chinese characteristics. It will also provide high-quality financial services for Pudong’s effort to develop as a leader in socialist modernization to enable Pudong to better lead and drive Shanghai’s Five-center initiative, better serve national strategies, and drive the integration of the Yangtze River Delta.
Specifically, CDB will underpin Pudong New Area's effort to strengthen its role as an innovation engine, develop as an international tech innovation hub, and build clusters of innovative industries, e.g. integrated circuits, biomedicine, artificial intelligence, and quantum information. CDB will strengthen the integration of reform systems to support deepened reform and development of state-owned assets and enterprises. It will promote the development of low-carbon industries and green economy by pushing forward economic, energy, industrial, and transportation restructuring and upgrading in light of the peak carbon and carbon neutrality goals. Efforts will be made to drive high-level institutional opening in Pudong so that it will serve as a locomotive that drives the integration of the Yangtze River Delta, as well as a shipping and transportation hub that comprehensively improves the energy level of the headquarters economy. CDB will facilitate Pudong’s endeavor to develop as an international financial center by improving the level of comprehensive financial services through the addition of free trade account as an innovative financial product and service. CDB will support Shanghai’s effort to develop as a modern city by promoting the development of the urban renewal and housing security system, making up for the shortcomings of urban infrastructure and the construction of new infrastructure, and supporting Pudong’s initiative to use credit to empower small- and medium-sized enterprises through the refinancing model.
It is reported that CDB will establish a special working mechanism to deepen cooperation with the Shanghai and Pudong New Area governments. CDB's support for the Pudong New Area to develop as a leader will be incorporated into its strategic priority to serve the integrated development of the Yangtze River Delta. CDB will strengthen overall coordination, organizational guarantee and differentiated policy support, improve the incentive and restraint mechanisms, strike a balance between development and security, and step up financial risk prevention and control, as part of an effort to leverage development finance to serve Pudong's endeavor to develop as a window of China, which is dedicated to becoming a modern socialist country in an all-round manner.
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