China's top economic planner and the Export-Import Bank of China (China EximBank) have signed an agreement to increase financing support to emerging industries as part of efforts to foster new growth momentum for the economy.
China EximBank will offer at least 800 billion yuan (about 126.4 billion U.S. dollars) of financial support to the country's strategic industries, including high-tech equipment and new energy vehicles, for the 2016-2020 period.
The funds will be used to finance major projects in emerging industries and building innovation platforms, according to the agreement signed with the National Development and Reform Commission.
As China seeks high-quality development, it is building new growth engines such as high-tech, equipment manufacturing and strategic emerging industries, all of which have seen solid growth in recent years.
Official data showed China's industrial structure continued to improve in the first two months, with production in high-tech industries and the equipment manufacturing sector expanding by 11.9 percent and 8.4 percent, respectively.