Tuesday 13 April 2021
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scmp - 1 month ago

US-China tech war: Beijing’s main policy lender pledges US$62 billion to fund tech innovation

China Development Bank (CDB), a policy lender that finances high-priority government programmes, has earmarked 400 billion yuan (US$62 billion) of loans this year to support strategic emerging industries and advanced manufacturing, as Beijing accelerates moves to cut reliance on imported technologies amid trade frictions with Washington.The pledge was announced days before the country’s political elite gather in Beijing for the annual meetings of the National People’s Congress and the Chinese…


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