CDB to raise 150b yuan to fund innovation

BEIJING -- China Development Bank, the country's policy lender, on Wednesday pledged to raise 150 billion yuan ($23.68 billion) through financing over the coming three years to support enterprises' scientific and technological innovation.

CDB governor Chen Yuan said the financing for scientific and technological innovation will further increase to 300 billion yuan during the 2016-20 period.

Chen said CDB will work more closely with central government departments, local authorities, major enterprises and other financial institutions to increase funding for strategic emerging industries, industrial upgrading and the growth of small and medium-sized enterprises in the future.

As of the end of June this year, CDB had granted in aggregate 237.6 billion yuan in loans to the science and technology sectors.