Beijing, The Gulf Observer: The Agricultural Bank of China (ABC), one of the nation’s leading commercial lenders, has announced a remarkable 65% surge in its balance of loans for strategic emerging industries throughout 2023 compared to the preceding year.
In line with China’s commitment to innovation-driven development, ABC has strategically adjusted its financial support for the scientific and technological innovation system. The bank has intensified financial services related to technology, fostering a conducive environment for the growth of emerging sectors.
ABC’s initiative involves custom-designed mechanisms for technology finance, establishing 19 technology finance service centers in regions marked by active scientific and technological innovation. Additionally, the bank has developed over 200 sub-branches dedicated to technology finance, aiming to enhance professional service capabilities and overall efficiency.
China, as part of its innovation-driven development strategy, has set ambitious objectives for 2035. The nation aspires to secure a position among the world’s most innovative countries, emphasizing self-reliance and substantial strength in science and technology.
ABC’s robust support for strategic emerging industries aligns with China’s broader economic vision, facilitating the growth of innovative sectors and contributing to the nation’s pursuit of technological self-sufficiency.