China's first private venture provided 4.18 billion dollar credit to China Development Bank, China Industrial and Commercial Bank, China Construction Bank, China Agricultural Bank and other two companies for high-speed rail project
According to the official Xinhua News Agency, China's first private-venture high-speed railway project signed a loan contract on 28,1 billion yuan (4,18 billion $) on Friday.
China Development Bank, China Industrial and Commercial Bank, China Construction Bank, China Agricultural Bank and two other companies, led by Fosun International Ltd. and the Zhejiang provincial government will lead the project to a project managed by a consortium. According to the information transferred, the total investment planned for the railway project will be around 44,89 billion yuan.
China is increasing its support for the private sector by resolving the high costs and financing challenges of private enterprises due to the slowdown in economic growth.