The China Development Bank (CDB) (simplified Chinese: 国家开发银行; traditional Chinese: 國家開發銀行; pinyin: Guójiā Kāifā Yínháng) is a financial institution in the People's Republic of China (PRC) 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. 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 domestic branches and overseas offices. The bank does not take private savings, and hence does not have thousands of local branches like other major banks in China do.
Read more about China Development Bank: History, Organizational Structure, Management
Famous quotes containing the words china, development and/or bank:
“Whether the nymph shall break Diana’s law,
Or some frail china jarreceive a flaw,
Or stain her honour, or her new brocade,”
—Alexander Pope (1688–1744)
“I could not undertake to form a nucleus of an institution for the development of infant minds, where none already existed. It would be too cruel.”
—Henry David Thoreau (1817–1862)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)