China's state council issues guidelines on advancing key areas in financial sector

BEIJING - The General Office of the State Council has issued guidelines to accelerate efforts to build China into a country with a strong financial sector and promote development in five major areas, namely, technology finance, green finance, inclusive finance, pension finance and digital finance.

Emphasizing the fundamental role of financial services in supporting the real economy, the guidelines called for strengthening coordination between financial policies and measures related to technology, industry, taxation and fiscal matters.

High-quality financial services will be provided to support major national strategies, key sectors and weaker links in the economy.

Efforts will be enhanced to cultivate new quality productive forces tailored to local conditions, according to the guidelines.

The guidelines underscored strengthening financial support for major national scientific and technological initiatives and tech-focused small and medium-sized enterprises while coordinating financial support for green development and the low-carbon transition.

Inclusive finance will be strengthened by building a multi-tiered, broad-based and sustainable system while optimizing financial products and services for key sectors, including micro, small and medium-sized enterprises, private businesses, rural revitalization and social welfare.

Efforts will be made to enhance financial support for the silver economy and facilitate the development of a multi-tiered, multi-pillar old-age insurance system.

Digital transformation of financial institutions will be promoted and the digital financial governance system will be improved, according to the guidelines.