China Development Bank (CDB), one of the country's policy banks, has provided financial support for specialized and sophisticated small and medium-sized enterprises (SMEs).

A total of 13.1 billion yuan (about $1.84 billion) in loans was granted in the first three quarters of 2022, providing support for the high-quality development of 115 specialized and sophisticated SMEs that produce novel and unique products.

CDB has established a work plan for special loans and supporting policies to comprehensively improve the level and capacity of refined financial services.

The bank has also rolled out preferential policies for specialized and sophisticated SMEs that produce novel and unique products to further lower their financing costs.