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China Development Bank: A State-owned Financial Institution Serving the State’s Interest

On July 31, Qiushi published an article by Hu Huabang, the Communist Party Secretary and Chairman of the China Development Bank (CDB), a State-own commercial bank, on the success of CDB as a State-owned financial institution serving the interest of the State. 

CDB provides medium to long-term financing in priority sectors and projects to implement China’s national economic strategy. Eighty percent of its financing is in the sectors of energy, agriculture, telecommunications, and public infrastructure and 60 percent is in midwest and northeastern traditional industrial bases. Further, it has financed major overseas energy projects in foreign countries, including Russia, Pakistan, and Turkey. 
According to Hu, currently in China, CDB is the largest bank for medium and long-term financing, the largest bond bank, the largest foreign investment and financing cooperative bank, and the largest development financial institution. 
Source: Qiushi, July 31, 2013