People's Bank of China and six agencies issue guidance to strengthen financial support for new industrialisation by 2027

The People's Bank of China, together with 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, issued Guiding Opinions setting out measures to expand financial support for “new industrialisation” and manufacturing upgrading. The framework targets a largely mature financial system by 2027 to better support higher-end, intelligent and green manufacturing while seeking to prevent “involution-style” competition. The package promotes greater use of structural monetary policy tools to steer medium- and long-term bank financing to priority manufacturing chains including integrated circuits, industrial machine tools, medical equipment, servers, instruments and meters, basic and industrial software and advanced materials. It also aims to mobilise long-term funds and “patient capital” for technology commercialisation, strengthen comprehensive finance for key industrial chain firms, and support upgrading of traditional manufacturing through credit, leasing, bonds, equity and insurance. Additional measures cover expanding green finance and related standards for decarbonisation, developing digital finance and platform-based services, and scaling supply-chain finance models based on “data credit” and “goods credit”, including receivables, inventory and warehouse receipt financing and approaches that do not rely on core-firm credit. Cross-border actions include enhancing trade and payment facilitation, expanding renminbi trade settlement, pilots for cross-border cash pooling, broader cross-border financing facilitation pilots for eligible high-tech and specialised SMEs, and updates to inward investment-related arrangements including QFLP. Implementation focuses on strengthening financial institutions’ internal mechanisms such as separate manufacturing credit plans and differentiated credit policies, supported by cross-department coordination, local policy backing and joint risk monitoring and prevention. The People's Bank of China and the Ministry of Industry and Information Technology will coordinate with the other departments to push the measures into practice and deepen industry–finance cooperation.