The China Development Bank
) () is a financial institution in the People's Republic of China
under the direct jurisdiction of the State Council. It is the only bank in China whose governor is a full minister. It is one of the three policy banks of the PRC, primarily responsible for raising funding for large infrastructure projects, including most of the funding for the Three Gorges Dam
and Shanghai Pudong International Airport
. The bank was established by the Policy Banks Law of 1994. The bank is described as the engine that powers the national government’s economic development policies.
Debts issued by CDB are fully guaranteed by the central government of the People's Republic of China. The bank is the second-biggest bond issuer in China after the Ministry of Finance in 2009, accounting for about a quarter of the country’s yuan bonds. In that year, the bank also overtook Bank of China
to be China’s biggest foreign-currency lender.
CDB has about 3500 employees at the end of 2004, about 1000 of them work at the Beijing
Headquarters and the rest are spread out in 32 branches throughout the country. The bank also has offices in various countries all over the world. The bank does not take private savings, and hence does not have thousands of local branches like other major banks in China do.
According to Michelle Chan-Fishel, program manager of the Green Investments Program at Friends of the... Read More