China Development Bank (CDB) and the country's top economic planner signed an agreement on Tuesday to jointly support the development of China's logistics industry, the CDB said in a statement posted on its website.

    The National Development and Reform Commission (NDRC) will create favorable policies to facilitate the industry's advancement, while the CDB will provide financial support, according to the agreement.

    The two parties will jointly support mergers and reorganizations inside the industry and nurture large logistics enterprises, according to the statement.

    They will also work together to promote the industry's development in China's western regions and provinces, including Xinjiang Uygur and Tibet autonomous regions and the provinces of Qinghai and Sichuan, the statement said.

    The CDB has provided 111.6 billion yuan (17.6 billion U.S. dollars) in loans to logistics companies since 2005, according to the statement.

    The CDB is one of three Chinese "policy" banks, or banks that have been designated by the government to support the country's medium- and long-term development strategies and policies.

(Source:XinHua)