Is there life after policy banking? An answer appears to be emerging at China Development Bank (CDB) as it makes the transition after years of government-backed policy lending.

CDB is being restructured as a commercial operation and, to that end, recently became the country's first commercial bank licensed to sell securities.

Gao Jian

CDB Finance Co. Ltd., a wholly owned investment arm established in August 2009, is concentrating on private equity (PE) funds, direct investments and investment consulting. It's also handling international industrial funds established by CDB banking offices.