The Central Bank of the Republic of China published an update on its handling of policy suggestions and proposals from the 2024 sessions of the National People’s Congress and the Chinese People’s Political Consultative Conference, saying it completed work on 736 items and translated representative and committee members’ recommendations into policy measures. The report highlights resulting actions in technology finance, payment services for overseas visitors, and measures linked to financial opening. The 736 items comprised 4 motions, 459 National People’s Congress suggestions and 273 Chinese People’s Political Consultative Conference proposals. Measures linked to technology finance included joint issuance with other departments of a work plan on advancing technology finance and a notice on improving technology finance services in key regions, alongside the creation of a CNY 500bn relending facility for technology innovation and technological transformation to support first-time lending to technology small and medium-sized enterprises and large-scale equipment upgrades in key sectors. The report also points to support for issuance of science and technology innovation notes in the interbank bond market, with 2024 issuance exceeding CNY 604.2bn, up 49% year on year, and year-end 2024 loan balance growth of 21.2% for technology small and medium-sized enterprises and 13.0% for “specialised and sophisticated” firms. On payment services, it references work to promote issuance of a State Council General Office opinion on optimising payment services, targeted implementation across 17 key cities, and the establishment of more than 60 airport payment service demonstration zones and over 200 commercial district demonstration points. With the 2025 Two Sessions approaching, the central bank signals it will continue refining its handling mechanisms and engagement with representatives and committee members to support follow-through on proposals.

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