May 9, 2012 / 2:23 AM / 6 years ago

China Development Bank to boost Chongqing lending: paper

BEIJING (Reuters) - China Development Bank Corp (CDB) CHDB.UL, a policy bank that lends at Beijing’s behest, has agreed to expand financing to a range of infrastructure, industry and social projects with Chongqing Municipal Government, a local newspaper reported on Wednesday.

CDB head Chen Yuan told a meeting between the bank and top city officials that the agreement reflected confidence in Beijing’s policy to develop western regions and the bank’s trust in the city government, the Chongqing Daily reported.

The newspaper said the move would deepen cooperation between CDB and the local government in sectors including affordable housing, agriculture, education, energy, infrastructure, logistics, petrochemicals, steel and support for small and medium-sized enterprises.

The agreement comes two months after Beijing sacked ambitious former city chief Bo Xilai and suspended him from the politburo, dashing any hopes he had of becoming one of the country’s most senior officials at a once-a-decade leadership transition due later this year.

Bo was toppled after his wife emerged as the main suspect in the poisoning of a close family friend, British expatriate businessman Neil Heywood.

Reporting by Langi Chiang and Nick Edwards; Editing by Chris Lewis

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