China's rural policy bank to help finance maritime sector

BEIJING - China's only rural policy bank plans to lend about 100 billion yuan ($15.9 billion) by 2020 to support the maritime economy.

The financing will mainly go to modern fisheries, strategic and emerging maritime sectors such as maritime medicine and renewable energy, as well as infrastructure and public services, according to guidelines issued by the State Oceanic Administration and the Agricultural Development Bank of China.

The rural policy bank's announcement came about 10 days after the country's central bank and other government agencies decided to strengthen financial support for China's maritime economy by increasing bank loans and diversifying financing channels.

The gross output of China's maritime industry grew by 7.5 percent annually on average over the past five years, accounting for nearly 10 percent of the country's GDP. The sector generated 7.8 trillion yuan last year.

China expects the maritime industry to be worth 10 trillion yuan by 2020 and account for around 15 percent of GDP by 2035.