China-Malaysia industrial park gets $8.5b fund

NANNING -- The China Development Bank (CDB), one of the country's three policy banks, will provide 54 billion yuan ($8.5 billion) in funding for the China-Malaysia Qinzhou Industrial Park, a bank official said Friday.

The funding will cover 81 construction projects within the park, according to Bai Yingfu, head of the CDB's regional branch in South China's Guangxi Zhuang autonomous region.

The CDB has already issued 5.3 billion yuan in loans to cover some of the projects, including construction on the Qinzhou Port and Qinzhou-Chongzuo highway, he said.

Construction on the China-Malaysia Qinzhou Industrial Park, located in the coastal city of Qinzhou in Guangxi, began in October 2011. The park will focus on manufacturing, information technology and the service industry after going into operation.

The park is the third of its kind to be developed by China and foreign countries, with two other parks jointly built by China and Singapore.