The China Development Bank (CDB), one of the country’s policy banks, has presently stepped up its financial support for the construction of smart parking infrastructure.
A smart, vertical parking lot in Guiyang, Guizhou province helps drivers park their vehicles automatically, saving space and improving efficiency.
Recalling that as of June, the lender had issued 50 billion yuan ($7 billion) in loans to support such projects.
And the loans have been used to renovate over 1.8 million parking spaces, build 220,000 new parking spaces and 140,000 charging piles, the lender said.
CDB which is Founded in 1994, the CDB is designed to provide finance for major national projects and development strategies, like machinery used to reduce grain losses, smart cities share stories of digital governance as digital governance is a key tool to solve problems faced by cities even as City accelerates smart transportation, making drivers happy.