China's policy bank to provide more financing for Beijing-Tianjin-Hebei region

China Development Bank, one of the country's policy banks, will provide 550 billion yuan (about $77.46 billion) in financing to support the coordinated development of Beijing, Tianjin and Hebei.

Of the total financing amount, 520 billion yuan will be loans denominated in yuan and foreign currencies, the bank said.

The bank also pledged to provide efficient financing services to support the development of the Xiongan New Area, the construction of Beijing's sub-center and the preparations for the Beijing Olympic Winter Games.

Founded in 1994, the bank is a policy financial institution under the direct leadership of the State Council, or the cabinet. It provides medium- to long-term financing facilities that serve China's major economic and social development strategies.