China Reaffirms Commitment to Economic Growth with Five Major Financial Articles
At the recent Central Financial Work Conference, the Chinese government identified priority areas to ensure the continued development and growth of the national economy. The conference highlighted five major articles that will be crucial in achieving this goal: technology finance, green finance, inclusive finance, pension finance, and digital finance.
A press conference held by the State Administration of Financial Supervision saw representatives from leading financial institutions, including the China Development Bank, Industrial and Commercial Bank of China, China Merchants Bank, Bank of Jiangsu, and Qinghai Rural Credit Union, discussing their plans to support the “Five Big Articles” and their impact on the real economy.
The China Development Bank is committed to assisting science and technology finance to drive innovation and development in technology enterprises. This includes support for the construction of major scientific and technological infrastructure, as well as the development of new productive forces such as strategic emerging industries.
China Merchants Bank has also placed a strong emphasis on technology finance, with a focus on providing comprehensive service support for technology companies. The bank has rolled out exclusive credit products and digital services to aid enterprises in their digital transformation efforts.
In terms of green finance, the Industrial and Commercial Bank of China has integrated green finance into various financial services, supporting clean energy, energy conservation, and environmental protection. The bank has issued substantial green financial bonds, both domestically and overseas, and is actively involved in global environmental governance initiatives.
The Bank of Jiangsu has prioritized inclusive finance and is leveraging financial technology to expand service coverage for small and micro enterprises, enhancing service efficiency and digital product adaptation. This includes the launch of innovative credit products tailored to meet the specific needs of different enterprise types.
The Qinghai Rural Credit Union Cooperative has established an extensive network of financial service points to benefit farmers and has introduced specialized credit products to meet the diverse financial needs of farmers and herdsmen, promoting rural revitalization and agricultural development.
The China Development Bank has also taken steps to support farmland construction in order to ensure food security and increase agricultural production capacity.
Overall, the commitment of these financial institutions to the “Five Big Articles” demonstrates a concerted effort to support the real economy and drive sustainable economic growth in China.
(Editors: Sun Hongli, Gao Lei)
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