Banks Offer 413-billion-yuan Credit Support for County Urbanization in Hunan Province
On March 31, a provincial government-bank-enterprise matchmaking event was held in Changsha to plug loopholes, and reinforce weak links through credit support in the process of county urbanization. Seven banks including the China Development Bank and the Agricultural Development Bank of China have signed letters of intent for cooperation with 21 counties and cities, and seven companies. With the seven banks’ contracts signed with county and city governments and companies in the early stage included, the contract value totaled 413 billion yuan.
The cooperation agreements this time make an overall financing arrangements for 3 years. It reflects the priorities of the government and the investment direction of bank credit funds. It is conducive to accelerating the cultivation of projects to shore up weak links in county urbanization and the supply of sufficient credit funds.
A total of 17 areas of weakness in four categories will be shored up to strengthen county growth drivers, according to the "Outline of Hunan Province's 14th Five-Year Plan (2021-2025) for National Economic and Social Development.
The Hunan Provincial Development and Reform Commission issued 344 credit projects with a total investment of 150 billion yuan and a total loan amount of nearly 110 billion yuan. The projects with high quality would lay a solid foundation for long-term development and drive the development of surrounding areas. They covered 13 cities and one prefecture in the province. The projects mainly involve new generation information infrastructure construction, municipal public facilities digital transformation, big data facilities construction, and the construction of environmental and sanitary facilities, commerce circulation facilities, and public supporting facilities in consumer cluster areas.