China Development Bank issues 59.9 bln yuan in student loans

College graduates are seen at a job fair in Shanghai University of Engineering Science in east China's Shanghai, Oct. 16, 2023. (Xinhua/Liu Ying)

BEIJING, Jan. 20 (Xinhua) -- The China Development Bank, a major policy bank in the country, issued a total of 59.9 billion yuan (about 8.42 billion U.S. dollars) in national student loans in 2023, data from the bank showed.

The volume accounted for more than 85 percent of the total national student loans issued in China last year, providing financial support for 5.63 million students, the bank said.

The loans covered all types of students, including undergraduate and postgraduate students, and all institutions of higher education accredited by the Ministry of Education.

Last year, it also extended principal repayments of student loans for about 250,000 graduates and lowered student loan interest rates for more than 9 million students with loans.

By the end of 2023, the bank had issued 376.6 billion yuan worth of national student loans, funding 20 million students with financial difficulties across the country.