Seven Departments Issue Guidance
The People’s Bank of China, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Finance, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange recently jointly issued the “Guidance on Financial Support for New Industrialization” (hereinafter referred to as the “Guidance”).
The “Guidance” focuses on major strategic tasks of new industrialization, deepening the supply-side structural reform of finance through demand-driven approaches, and enhancing the coordination between industrial and financial policies. It aims to provide high-quality financial services to advance new industrialization and accelerate the development of new productive forces. The approach emphasizes targeted measures—supporting some while restricting others—to propel industries toward medium and high-end development and prevent “internal competition.” By 2027, the financial system supporting the high-end, intelligent, and green development of manufacturing will be largely mature, with significantly improved service adaptability.
In line with key areas of new industrialization, the “Guidance” proposes targeted support measures, optimizing financial policy tools to assist in key technological breakthroughs, introducing patient capital for the transformation of scientific achievements, and strengthening comprehensive financial services for key enterprises in industrial chains. It seeks to enhance industrial technological innovation capabilities and the resilience of supply chains. Additionally, it promotes five major areas: technology finance, green finance, digital finance, and more, deepening industrial chain financial service models based on “data credit” and “asset credit.” This supports the transformation and upgrading of traditional industries and the cultivation of emerging industries. The “Guidance” also improves credit management mechanisms and financial product services for industrial relocation in central and western regions, directs financial resources toward industrial clusters, and facilitates cross-border financial services such as trade settlement, capital management, and investment financing to support rational industrial layout and expansion, strengthening domestic economic circulation.
The “Guidance” emphasizes deepening financial supply-side structural reform driven by industrial demand, establishing a comprehensive, differentiated, and specialized financial service system to create a clear path for financial support of new industrialization. At the macro level, it aims to optimize the capital supply structure, providing loan, bond, and equity financing for new industrialization. It also enhances the technology finance service system to support core technological breakthroughs, the development of emerging industries, and the transformation of traditional industries. Additionally, it improves supply chain finance and regional and foreign trade financial services to bolster key industrial chains and advanced manufacturing clusters. The “Guidance” promotes green and transition finance to support the new energy sector and green, low-carbon transformation of traditional industries. Lastly, it encourages the orderly development of digital finance to facilitate industrial digitalization, intelligent transformation, and digital infrastructure construction.
The “Guidance” strengthens financial service capabilities and long-term mechanisms to maintain a reasonable proportion of investment in manufacturing. It improves internal mechanisms for financial institutions to serve manufacturing, setting separate credit plans for the sector and formulating differentiated credit policies based on industry segments and enterprise growth stages. It also fosters interdisciplinary talent in technology, industry, and finance, encouraging financial institutions to build versatile financial management and service teams.
