‘More financial support’ for manufacturing sector

The government on Tuesday promised "multi-pronged financial support" for the manufacturing sector to shift from low-end manufacturing to more value-added production.

In a guideline jointly released by several regulators including the central bank and the Ministry of Industry and Information Technology, China pledged it would improve its support of the "Made in China 2025" strategy.

More financial support should be given to technology and manufacturing sector upgrades, the guideline said, underscoring the key fields and tasks in the "Made in China 2025" blueprint.

The government will allow banks and financial institutions to play differentiated roles in serving the manufacturing sector, and agencies will be set up to offer more professional services to the industry.

The regulators also pledged to foster a multifunction capital market and speed up the listings of high-technology manufacturing companies, according to the guideline.

Although China's manufacturing sector is often labeled labor-intensive and obsolete, the government is pursuing advanced technology and growth through innovation.

(Global Times)