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China Development Bank, founded in March 1994, is under the direct jurisdiction of the State Council. At present it has 32 branches and four representative offices across the country. Over the past decade CDB has followed conscientiously China' s macroeconomic policies and carried out its macro-control functions in support of national economic development and strategic structural readjustment. CDB has been a major player in long-term financing for key projects and supportive construction in infrastructure, and basic and pillar industries, which are vital to the development of the national economy.
As a development-oriented financial institution of the government, CDB has adhered to the principle of advancing with the times. It combines the bank' s advantage in financing with that of the government in organizational aspects and tries to realize the government' s development objectives by nurturing the market. It supports China' s economic development by building up the institutional driving power and works hard to realize the dual objectives of project funding and financial institutionalization.
Over the past decade, CDB has issued an accumulated total of 1.6 trillion yuan in loans to more than 4,000 projects involving key fields of infrastructure, and basic and pillar industries. It is omnipresent across China-in areas along the Yellow River and both to the south and north of the Yangtze River, in regions as far as northwestern frontiers and southeastern coasts, and in both Western Development endeavors and revitalization of Northeast China' s old industrial bases. CDB functions as a bridge and link between the government and the market in the implementation of the country' s key projects. It also helps configurate the country' s credit structure and "lays the road" and "builds the bridge" to channel social investment.
In recent years CDB has concentrated its limited resources in developing "bottleneck" trades that astrict China' s economic development, such as energy and transportation. Meanwhile, it guards against the flow of loans to fields with a high occurrence of overlapped construction. In 2004, CDB made important progress in several areas, especially in supporting a spectrum of the country's main focuses such as in national petroleum storage, South-to-North Water Transfers, Beijing Olympic, and Shanghai World Expo. As of the end of 2004, the bank's credit assets amounted to RMB1378.6 billion. 60% of the new loans of CDB were extended to "coal, electricity, oil and transportation areas". In promised loans that were examined, those of electricity, railway, telecom, highway, public facility, oil, petrifaction and other main industries accounted for 82% in the whole year. CDB also enlarged their support to the development of middle-western areas and old industrial centers, accounting for almost 50%. At the same time, CDB reinforced its cooperation with relevant departments, and played an active role in the development & planning of the cities in the western area of China such as the Yangtze delta region, Beijing, Tianjin and Hebei, etc.
