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Image Source : China Visual

BEIJING, August 30 (TMTPOST) — Two months after the establishment of policy-oriented development financial instruments, the first batch of 300 billion yuan ($43 Billion) of funds has been put in place.

As of last Friday, 2022, China Development Infrastructure Investment Fund had signed 422 projects with a contract amount of 210 billion yuan ($31.06 Billion) to focus on the five key areas such as infrastructure, major scientific and technological innovation, vocational education and other areas that can be invested by local government special bonds, as specified in the 11th meeting of the Central Finance and Economics Commission.

Previously, on August 20, the Agricultural Development Bank of China (ADBC) said that as of the early morning of that day, the Agricultural Development Infrastructure Fund had completed the investment of RMB 90 billion ($13.3billion), supporting more than 500 projects in the municipal engineering, industrial park, transportation, agricultural and rural infrastructure as well as energy facilities. It boosts the total investment to exceed one trillion yuan ($147.9billion), effectively playing the leading role of policy finance in the field of infrastructure investment.

This means that the first batch of 300 billion yuan ($43 billion) infrastructure fund deployed by the State Council at the end of June has been invested, and the fund has progressed beyond expectations.

Previously, after the executive meeting of the State Council on June 1, 2022 increased the credit line of policy banks by 800 billion yuan ($118.3 billion) to support infrastructure construction, the executive meeting of the State Council on June 29 launched a new initiative: ADBC raised 300 billion yuan ($43 billion) by issuing financial bonds and other funds to support major projects and special debt projects.

The State Council planned to deploy the second batch of infrastructure investment funds to meet the great demand of local governments.