BEIJING-The China Development Bank has provided another 150 billion yuan (about 21.45 billion US dollars) to support major infrastructure projects, according to the bank. The funds are part of the additional 300 billion yuan of infrastructure investment announced by the government in late August, and have financed 421 infrastructure projects, the bank said.

As of Sept 20, the bank has channeled a total of 360 billion yuan of such investment funds into over 800 infrastructure projects. At a State Council executive meeting last month, China pledged to increase the 300-billion-yuan policy-backed and development-oriented financial instruments for specific projects by another 300-plus billion yuan. The bank said it will continue to ensure solid work is carried out on fund operations and post-investment management, and it will push for concrete progress in the projects.

Sales of Chinese-brand passenger vehicles up in August

Sales of Chinese-brand passenger vehicles continued to rise at a fast clip in August, surging 45.3 percent year on year, data from the China Association of Automobile Manufacturers shows.

Some 1.03 million Chinese-brand passenger vehicles were sold last month, accounting for 48.4 percent of the country’s total passenger car sales in August, according to the association.

In the first eight months of the year, sales of domestic auto brands rose 24.5 percent year on year to near 7 million units, accounting for 47.8 percent of China’s total passenger car sales in the period and up 4.9 percentage points from the same period in 2021.

In the niche sport utility vehicle market, the market share occupied by Chinese brands rose to 52.3 percent in August and 54.4 percent in the January-August period, the association said.