China's central bank to grow financial ecosystem that supports tech innovation

China's central bank will work to cultivate a financial ecosystem that supports technological innovation, the central bank said on Friday.

The bank will provide targeted support for key national technology initiatives and small and medium-sized enterprises in the field of tech, according to a statement issued by the People's Bank of China.

It will enhance the quality and effectiveness of green financial services further, providing strong support for the green, low-carbon development of China's economy and society.

It will also enhance its capability to provide financial services for the elderly care sector, and develop digital finance actively and steadily.

Efforts will be made to defuse financial debt risks associated with financing platforms, supporting local governments to promote the market-oriented transformation of those platforms, the bank said. ■