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China’s EximBank pledges at least $127 billion of financing for emerging industries

China’s EximBank pledges at least $127 billion of financing for emerging industries

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By Ryan Woo

BEIJING (Reuters) – The Export-Import Bank of China (EximBank) and the country’s top economic planner have signed an agreement to boost financing support to emerging industries by more than $100 billion as part of efforts to foster new growth drivers.

EximBank will offer at least 800 billion yuan ($127 billion) of financial support to strategic industries including makers of high-tech equipment and new energy vehicles between 2016 and 2020, the official Xinhua news agency said on Saturday.

The funds will be used for major projects and building innovation platforms, according to the agreement signed with the National Development and Reform Commission (NDRC).

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