People's Bank of China: Promote industries to accelerate their move towards mid-to-high end, prevent "involution" competition

The People's Bank of China and seven other departments jointly issued the "Guiding Opinions on Financial Support for New-Type Industrialization." The "Opinions" require strengthening the coordination of industrial policies and financial policies to provide high-quality financial services for promoting new-type industrialization and accelerating the development of new productive forces. It emphasizes differentiated policies, with both support and control, to promote industries to accelerate their move towards the mid-to-high end and prevent "involution" competition. It encourages the aggregation of financial resources towards industrial clusters and specialized development, promotes a series of facilitation measures for cross-border financial services such as trade settlement, fund management, and investment financing, supports the reasonable layout of industries and the expansion of development space, and promotes strengthening the domestic circulation.

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