China boosts financial services to advance new industrialisation

Insurance funds should provide long-term stable financial support.

The Chinese government promised to ramp up financial services in the manufacturing sector for the advancement of new industrialisation.

China's National Financial Regulatory Administration, the Ministry of Industry and Information Technology, and the National Development and Reform Commission outlines key initiatives to enhance financial services for the manufacturing industry. 

Efforts will be made to support industrial and supply chain safety and stability, ensuring the resilience of the manufacturing sector. Also, financial support will be directed towards promoting scientific and technological innovations within the manufacturing sector, fostering advancements in industrial development.

The circular aims to facilitate industrial upgrades and optimize the structure of the manufacturing industry, promoting efficiency and competitiveness. Initiatives will be implemented to promote the intelligent and green development of industries, aligning with sustainability goals.

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Banking and insurance institutions are urged to provide medium and long-term financial support for equipment and technology upgrades in traditional manufacturing sectors. 

Financial support and risk prevention measures will be strengthened for strategic emerging industries such as information technology, artificial intelligence, biotechnology, and high-end equipment.

Financial services for the foreign trade sector of the manufacturing industry will be optimized, including strengthening export credit insurance and supporting overseas development of enterprises in key industries. 

Insurance funds will be encouraged to provide long-term stable financial support for strategic emerging industries through various forms of investment, whilst ensuring risk control and commercial viability.