China to allocate 100b yuan for national development zones

China Development Bank (CDB) will provide a total of no less than 100 billion yuan (about $14.02 billion) in funds to State-level economic and technological development zones. This will be done in the next three years as the government moves to advance innovation and promote high-quality growth in these areas.

According to a memorandum jointly signed by the CDB and the Ministry of Commerce (MOC), the funds will support the development zones to optimize the investment environment, strengthen urban service functions and improve the level of a new type of urbanization, said an online statement of the MOC on June 1.

According to the decisions of China's top authorities on promoting epidemic containment work and social and economic development, the CDB will also ramp up support to alleviate the liquidity difficulties for foreign trade companies and foreign-funded enterprises in the development zones. It will increase efforts to help them stabilize capital chains and open up industrial chains.

With the memorandum signed, the ministry and the bank will cooperate to promote innovation and high-quality development of the zones, including optimization of industrial layouts, expansion of urban functions as well as the quality of ecological environments.

The two sides will focus on supporting the renovation of old areas, the upgrade of industrial zones, construction of international cooperation parks and the building of modern industrial systems in the zones, the statement said.