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Report: China stepping up financing for strategic industries

The Export-Import Bank of China struck a deal with the National Development and Reform Commission to provide at least 800 billion yuan for strategic industries, including high-tech equipment manufacturing and new energy vehicles, the state's official Xinhua News Agency reported March 24.

The financing is intended to cover the period between 2016 and 2020 with funds to bankroll projects in the sectors and to develop innovation platforms.

Citing official data, the news source noted production growth of 11.9% in China's high-tech industries and 8.4% growth in the equipment manufacturing sector during the first two months of 2018.