OREANDA-NEWS. July 02, 2013. A ceremony was held in Sanya to mark the establishment of the Sanya Branch of China Development Bank (CDB). CDB Vice President Li Jiping and Sanya Mayor Wang Yong jointly inaugurated the opening of the branch.

CDB Vice President Li Jiping said in his speech: Sanya is an important gateway for the opening to and connecting with the outside world for China's southeast coast, a frontier city for Hainan's building of an island for international tourism, and a bridgehead for a base for developing and servicing resources in the South China Sea.

The establishment of CDB's Sanya Branch is an important measure for CDB to take the initiative in serving the national South China Sea strategy. CDB's Sanya Branch will continue to give play to the advantages of longer-term investment and financing, support infrastructure, ecological environment, people's livelihood, and urbanization construction, actively assist Sansha City in its urban, maritime, and industrial planning, extend support in financing and talent pooling to South China Sea development building in oil and gas, fishery, and tourism, and help push forward the development of a marine economy.

The newly established Sanya Branch is administratively under CDB's Hainan Branch and is one of the first-batch pilot secondary branches. Its service area includes six cities and counties -- Sanya City, Sansha City, Wuzhishan City, Ledong Li Autonomous County, Lingshui County, and Baoting Li and Miao Autonomous County. As of the end of May 2013, CDB has granted cumulative loans totaling 44.3 billion yuan in the aforementioned region, of which 35.3 billion yuan were granted in Sanya, greatly supporting the economic and social development in Sanya.

Wang Niansheng, director of the Finance Office of the Hainan Provincial Government; Zhang Huaqiang, vice president of the Haikou Sub-branch of the People's Bank of China; Wu Ganfen, deputy chief of Hainan's Banking Regulatory Bureau; Xu Weihua, president of CDB's Hainan Branch; and Deng Zhong, vice mayor of Sanya, attended the ceremony.