Three departments, including the National Financial Regulatory Administration (NFRA), have jointly released the Circular on Deepening the Financial Services for Manufacturing and Promoting New Industrialization (the "Circular").
The Circular, consisting of 17 measures, outlines the overall requirements for the financial services for manufacturing, and sets forth the arrangements in several aspects, including optimizing the supply of financial services, improving service system, and enhancing risk prevention and control. Notably, the Circular highlights the support the optimization and upgrading of industrial structures. Actions will be taken to optimize the supply of foreign trade finance for the manufacturing industry, strengthen export credit insurance, and support enterprises engaged in automobile, home appliance, machinery, aviation, ship and marine engineering equipment to "go global." The Circular also calls for optimizing the credit structure of the manufacturing industry; banking financial institutions are required to formulate separate credit plans for the manufacturing industry, clarify support priorities and task objectives, promote more credit resources to support the development of the manufacturing industry, and continuously raise the proportion of medium and long-term loans in the manufacturing industry.