China promises better financial support for real economy
On March 28th, the People's Bank of China and the Ministry of Industry and Information Technology, together with the country's banking, securities and insurance regulators, jointly released a guideline recently aimed at providing more financial support to the manufacturing sector. The guideline seeks to forge a diversified system of financial organizations and financial products to support the Made in China 2025 strategy. In particular, financial support will be granted to innovative, transforming, high-tech enterprises.
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Under the current economic situation of China, the banks and other financial institutions have imposed stricter restraints on lending to guard against potential risks, which, however, impedes the development of the advanced manufacturing industry. The guideline issued by the authorities is expected to help manufacturers with technological advantages and good market prospects to secure long-term, lower-cost funding through various channels, thereby promoting their transforming and upgrading.
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