OREANDA-NEWS. September 28, 2012. China Development Bank (CDB) Conference on Supporting Enterprises’ Scientific and Technological Innovation, CDB Chairman, Chen Yuan, reaffirmed the Bank’s support for Chinese innovation in science and technology, reported the press-centre of CDB.

He cited greater cooperation on development finance and leveraging strengths in financial services as ways in which the CDB would do this. Chen pledged to raise 150 billion yuan (USD23.68 billion) through financing over the coming three years to support enterprises’ scientific and technological innovation. He also promised a further 150 billion yuan for the period of the 13th Five-Year Plan (2016-2020) to take total funding to 300 billion yuan.

At the conference, Chen underscored the critical importance of innovation if China is to become a creative powerhouse in the way that the United States, Europe, and Japan have. And he went on to say that closer linkages between the science and technology sector and financial industry are essential if China is to make a similar transition.

In his speech, Chen emphasized the strong backing CDB has traditionally given innovation in science and technology and vowed to continue to make it a strategic priority of the Bank in the years to come. He outlined the future work of the CDB in supporting China’s efforts to shed its mantel as the “Factory of the World” and become a leading actor in the knowledge economy, which includes:

advanced strategic planning of financing projects

coordinating the work of CDB with a range of cooperative partners

closer cooperation with stakeholders from ministries and commissions, local government, key enterprises, and financial institutions

development of emerging and traditional industries, and SMEs in the science and technology sector

training a new, creative work force in the science and technology industry

creating a revolutionary new financing system to fund enterprises’ innovation

supporting the international launch of domestic companies from the science and technology sector, while introducing innovative ideas from overseas.

CDB’s long-term commitment to innovation in China has been evidenced by its funding of major projects over the years. It has a long history of working with key players from government and industry to find the most effective ways to channel funds to the science and technology sectors. Notable results of this cooperation include world-class high-tech zones in Beijing, Hubei province, and Shanghai. As of the end of June this year, CDB had granted loans totaling 237.6 billion yuan to the science and technology sectors, with 138 billion yuan outstanding, making it a major driving force behind innovation in China.

As a meeting with serious implications for China’s future economic growth, the conference was well attended by high-ranking decision-makers from government and the financial sector including Vice Minister for Science and Technology, Chen Xiaoya, Vice Mayor of Beijing, Gou Zhongwen, Vice Mayor of Shanghai, Tu Guangshao, Executive Vice Governor of Anhui province, Zhan Xialai, Vice Governor of Hubei province Zhang Zhaobin, Vice Presidents of CDB, Zheng Zhijie and Wang Yongsheng, and members of the CDB Party Committee, Zhou Qingyu and Zhao Jianping.