Aiming for diversified financial system

Updated 2017-03-29 09:31:30 Shanghai Daily

Chhina aims to nurture a more diversified financial system to help upgrade the manufacturing sector, Chinese authorities said in a guideline yesterday.

A more advanced and innovative manufacturing needs to be fostered to enhance its competitiveness, with more funds from domestic financial institutions flowing into core technology and advanced equipment providers, according to the guideline co-released by five authorities, including the People's Bank of China and the Ministry of Industry and Information Technology.

China needs long-term support from domestic financial institutions to boost innovation in manufacturing and reduce reliance on advanced technologies from abroad, the guideline said.

Domestic banks are encouraged to help fundraising in key industries such as information technology, advanced equipment, new materials and biological medicine, the guideline pointed out.

Insurance companies should develop products to cover manufacturers' assets, technologies, patent and production, the guideline added.

These institutions should upgrade credit ranking systems to “comprehensively evaluate entities based on technology, talent and market potential,” the guideline said. These efforts should go toward developing innovative small and medium firms in technology application and market expansion.

Manufacturers are also encouraged to work with financial institutions on financial leasing, especially in the heavy machinery sectors like aircraft, advanced railway transport equipment, shipbuilding and power equipment.

The government and financial institutions can also help ma-nufacturers with high growth potential to list on the domestic and overseas markets.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 23 2018 06:08:17

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 23 2018 06:08:17

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 23 2018 06:08:17

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords