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Five Departments Call for Stronger Financial Support for Manufacturing Sector

The People’s Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission jointly released the Guiding Opinions on Financial Support for Building A Strong Manufacturing Country in March 2017 (Yin Fa No.58 [2017]) in the hope of promoting the innovation of financial products and services and strengthening and improving financial support and services for building a strong manufacturing country (see details in Chinese).

The document was drawn up in accordance with the requirements outlined in Made in China 2025 and the Guiding Opinions of the State Council on Deepening the Integrated Development of the Manufacturing Industry and the Internet (see details in Chinese).

The recommendations include positively developing and improving the diversified financial organisation system, energetically developing a multi-level capital market and strengthening capital support for building a strong manufacturing country. Steps should also be taken to give full play to the role of the insurance market, assist the manufacturing sector in transformation and upgrade, and broaden the financing channels in order to give manufacturing enterprises positive support in “going out”.

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