In response to the needs of companies and facilities that are resuming their operations and production, the development and reform commission of Harbin – capital city of China’s northernmost Heilongjiang province – and the Heilongjiang branch of China Development Bank recently established a special financing mechanism to promote investment growth and stabilize employment.
 
The initiative is in accordance with the Notice on the Implementation of the Special Financing Work of “Securing Investment and Replenishing Shortcomings” in Harbin in 2020 –  jointly issued by the two sides. Under it, the CDB Heilongjiang branch will arrange total funding of 30 billion yuan ($4.23 billion), which will be specifically used to provide financial support for Harbin’s disadvantageous industrial projects, major infrastructure projects, key industry projects and regional coordinated development and opening-up projects.

The disadvantageous industrial projects include social welfare projects such as hospitals, maternal and child health centers and elderly care centers – as well as environmental protection projects involving water treatment, ecological restoration, improvement of river systems and community renovation projects.
 
They also include necessary shantytown reconstruction that falls under the national annual shantytown reform plan, as well as rural revitalization projects including comprehensive land improvement, rural residential improvement, modern agricultural facilities and the construction of a rural public health system.
 
Among the major infrastructure projects are transport projects including railways, highways, airports, rail transit facilities, integrated passenger transportation hubs. There are municipal infrastructure projects involving the water supply, electricity, gas, heat and sewage, garbage treatment and urban parking lots –  and information projects, among them 5G networks and big data centers.
 
Key industry projects include those involved in Harbin’s "4 + 4" modern industry new system –  with green agricultural product deep processing, advanced equipment manufacturing, as well as a modern biomedicines and tourism industry as its pillar industries. Elsewhere, information, new materials, finance and modern logistics comprise Harbin’s rapidly developing sectors. 
 
They also include the construction of industrial parks and national independent innovation demonstration zones, as well as projects in the military-civilian integration industries.
 
Finally, among projects for regional coordinated development and opening up to the outside world, are those involved in the construction of the Harbin-Changchun megalopolis, the Belt and Road Initiative and enterprises carrying out the “Go Out” strategy.
 
Projects applying for financial support will jointly be assessed by the development and reform commission of Harbin and the CDB Heilongjiang branch.
 
In addition, supplementary applications can be made for those projects that meet the requirements for financial support and have financing needs, but haven’t been included in the application categories.