China approves reforms to 3 policy banks

The State Council has approved plans to reform three Chinese policy banks, a statement on the government's website said Sunday.

The banks are the China Development Bank (CDB), the Export-Import Bank of China (also known as the China Exim Bank) and the Agricultural Development Bank of China (ADBC).

The CDB must stick to its positioning as a "development financial institution," while the China Exim Bank must build itself into a "policy bank with sustainable development capacities" and the ADBC must become an "agriculture policy bank with sustainable development capacities," said three separate statements.

The CDB must adapt to the market and internationalization to improve development-oriented financial operation models and play its key role in stabilizing economic growth and restructuring, a statement said.

Set up in 1994, the CDB has been primarily responsible for raising funding for large infrastructure projects.

The China Exim Bank must play its role in stabilizing growth, restructuring, boosting exports and implementing the "going-out" strategy, another statement said.

Set up in 1994, the bank has been working to promote foreign trade and investment.

The ADBC must keep policy-oriented businesses as priorities and distinguish between policy-oriented businesses and self-operated businesses in accounts, responsibilities and risk compensation systems, a third statement said.

Set up in 1994, the bank has been serving agriculture and the rural economy.