Bank of China Ltd, the country's fourth largest commercial lender by assets, and China Development Bank, a policy financial institution, signed a comprehensive cooperation agreement Thursday in Beijing.

The two banks will explore a cooperative mechanism to serve China's major infrastructure projects, shantytown renovations, overseas business and key projects to improve people's lives.

They will deepen and expand the areas of business cooperation, make joint efforts to push ahead with China's financial reforms and development, as well as prevent and mitigate financial risks, according to a press release issued by Bank of China.

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