China Development Bank and the National Development and Reform Commission have signed an agreement to jointly support China’s logistics industry, according to the bank’s website.

The NDRC will create favourable policies to facilitate the industry’s advancement, while the CDB will provide financial support.

The two parties will jointly support mergers and reorganisations within the industry and nurture large-scale logistics enterprises, according to the statement. A particular focus will be on the industry’s development in western China.

The CDB is one of three ‘policy’ banks in China that have been tasked with supporting the country's medium- and long-term development strategies and policies.