China Development Bank looks abroad
6 December 2006
The largest development institution in the world by assets, China Development Bank, may put more resources into overseas expansion of domestic enterprises, the Financial Times reported, citing the bank's top executive. CDB governor Chen Yuan told the newspaper that the bank is now seeking opportunities in international projects in energy and minerals. "We follow the biggest market players in China (abroad)," he said. The CDB has traditionally focused on domestic power and transport projects, the newspaper reported, with less than 4% of its outstanding loans going to foreign projects last year. The shift in direction may put the bank at odds with western multilateral lenders who often point to China's record on human rights and the environment, the newspaper reported.