China Calls on Banks, Insurers to Boost Funding for Manufacturing

China’s banking and insurance sectors have been told to get behind the country’s strategy to become a manufacturing powerhouse by improving access to financing and stepping up support to make the industry more efficient, innovative, and sustainable.

The National Financial Regulatory Administration (NFRA) and two government ministries issued a notice Tuesday on “deepening financial services for the manufacturing sector to promote new industrialization,” directing banks and insurers to ramp up their support for manufacturers. The notice includes measures such as continuously increasing the percentage of medium- and long-term loans allocated to the sector.