BEIJING - The China Development Bank (CDB), one of the country's policy banks, has stepped up financial support for the construction of smart parking infrastructure.

As of June, the lender had issued 50 billion yuan ($7 billion) in loans to support such projects.

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.

Founded in 1994, the CDB is designed to provide finance for major national projects and development strategies.