Bank to Cooperate on Science, Technology Development

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Last updated at: (Beijing Time) Saturday, November 02, 2002

Bank to Cooperate on Science, Technology Development

The China Development Bank (CDB) and the Ministry of Science and Technology signed an agreement Friday in Beijing to cooperate on the development of science and technology.

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The China Development Bank (CDB) and the Ministry of Science and Technology signed an agreement Friday in Beijing to cooperate on the development of science and technology.

A spokesman for the CDB said the agreement aims to jointly build a platform for financial and science and technology cooperation, promote the integration of scientific and financial innovation, and push forward credit system construction and creditres tructuring.

He said the cooperation involves a method of combining scientific and financial innovations under the new circumstances of social and economic development. The two sides will work together to find a mutually beneficial operational mechanism.

Over the past few years the CDB has channeled huge funds to support the development of the State's new and high-tech zones as well as enterprises engaged in new and high-technology, the spokesman said.

The CDB is one of China's financial institutions providing credit support and financial services for infrastructure construction, basic industries, pillar industries and high-tech industries. By the end of September this year, the bank's assets totaled 974.5 billion yuan (about 117.84 billion US dollars), and the rate of non-performing loans stood at a low of 2.86 percent.

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