According to Xinhua report, the China Development Bank (CDB) opened its first overseas branch in Hong Kong on Wednesday.  "The strategic goal of CDB is to become an international bank," Li Jiping, Vice President of CDB, told a press conference after the opening ceremony, adding that opening HK branch was the first step going global.

As part of its global expansion push, CDB plans to set up offices in Moscow and Cairo by the end of this year and in Brazil and Venezuela next year, said Li.

The China Development Bank is a joint stock banking corporation owned by China's Ministry of Finance and the Central Huijin Investment Company Limited.