BEIJING -- The China Development Bank, one of the country's policy banks, has pledged to beef up its financial support for scientific and technological innovation during the 14th Five-Year Plan period (2021-2025).

A total of 300 billion yuan (about $45.88 billion) under a special loan program for innovation and research will be arranged for the next five years, the bank said, adding that loans worth 50 billion yuan will be offered this year.

The special loan program will be mainly used for supporting fundamental research and original innovation to facilitate the implementation of strategic projects on science and technology, the bank noted.