China to step up financial support for new industrialization

China has issued a set of guidelines to strengthen financial support for new industrialization, the country's central bank said on Tuesday.

The guidelines, released by the People's Bank of China and six other government organs, state that a financial system for advanced, smart and green manufacturing should be largely in place by 2027.

As of 2027, manufacturing enterprises should see their effective credit demand met in full, with steady growth in both the volume and diversity of corporate bond issuance, alongside substantial progress in equity financing, per the guidelines.

Measures should be taken to optimize financial tools for key technology breakthroughs, introduce long-term funds and develop patient capital to accelerate the commercialization of sci-tech achievements, and strengthen financial services for key enterprises to foster more secure and self-sufficient industrial chains.

The guidelines also call for efforts to leverage financial services to support the upgrading of traditional industries, the expansion of emerging industries, and the strategic planning of future industries. ■