Core Points - The People's Bank of China (PBOC) is actively supporting the market-oriented allocation of resources and enhancing the government's role in financial reforms [1][2] - As of the end of Q2 2025, the PBOC has established various loan tools, including those for agriculture, small enterprises, carbon reduction, technological innovation, and consumption, with significant financial backing [1] - The cumulative carbon reduction loans issued by financial institutions have exceeded 1.38 trillion yuan, while loans for technological innovation and transformation have reached 2.2 trillion yuan, benefiting nearly 20,000 small and medium-sized tech enterprises [1] - Green loan balances are approximately 42.4 trillion yuan, and green bond balances exceed 2.2 trillion yuan, placing China among the top globally in these metrics [1] - Inclusive small and micro loans and technology loans have grown by over 12% year-on-year, while loans for the elderly care industry have surged by 43%, outpacing overall loan growth [1] Financial Support Initiatives - The PBOC is increasing financial support for pilot regions of market-oriented reforms to enhance effective financial service supply and promote higher levels of financial openness and cooperation [2] - The focus is on digital empowerment in financial development to contribute positively to the establishment of a unified national market [2]

Core Viewpoint - The People's Bank of China (PBOC) is actively supporting the comprehensive reform of market-oriented allocation of factors, emphasizing the decisive role of the market in resource allocation while enhancing the government's role in financial matters [2][4]. Group 1: Financial Support Measures - The PBOC has established various refinancing tools, including those for agriculture, small enterprises, carbon reduction, technological innovation, and elderly care, to enhance capital service capabilities for the real economy [3]. - As of the end of Q2 2025, the carbon reduction support tool has guided financial institutions to issue over 1.38 trillion yuan in carbon reduction loans [3]. - The balance of green loans reached approximately 42.4 trillion yuan, and the balance of green bonds exceeded 2.2 trillion yuan, placing these metrics among the top globally [3]. Group 2: Regional Financial Reforms - The PBOC is leading regional financial reform efforts in ten pilot areas, with cities like Beijing, Hangzhou, and Hefei focusing on innovation finance, while Chongqing and Guangzhou are deepening green finance reforms [3]. - These regions are developing replicable and promotable experiences in financial reform [3]. Group 3: Future Directions - The PBOC plans to increase financial support for pilot regions focusing on effective financial service supply, higher-level financial openness, and digital empowerment of finance [5].

王信强调，人民银行将围绕增加有效金融服务供给、推动更高水平金融开放合作、推动数字赋能金融发 展等方面，加大对要素市场化配置综合改革试点地区的金融支持力度，为建设全国统一大市场作出积极 贡献。 "截至2025年二季度末，绿色贷款余额约42.4万亿元，绿色债券余额超过2.2万亿元，这两个指标在全世 界位于前列；普惠小微贷款、科技贷款都比去年同期增长12%以上，养老产业贷款同比增长43%，均高 于整体贷款增速。"王信补充道。 北京商报讯（记者 廖蒙）9月11日，国务院新闻办公室举行国务院政策例行吹风会，中国人民银行研究 局局长王信出席会议。王信指出，人民银行积极支持要素市场化配置综合改革，发挥市场在资源配置中 的决定性作用，更好地发挥政府作用，做好金融"五篇大文章"。 王信表示，人民银行围绕支持重点领域和薄弱环节，设立了支农再贷款、支小再贷款、碳减排支持工 具、科技创新和技术改造再贷款、消费和养老再贷款等。截至2025年二季度末，碳减排支持工具累计引 导金融机构发放碳减排贷款超过1.38万亿元。通过绿色再贴现、金融机构绿色金融评估等手段，强化对 金融机构支持绿色发展的激励，支持银行与企业签订科技创新和技术改造贷款金 ...

Core Viewpoint - The People's Bank of China (PBOC) is actively supporting the comprehensive reform of factor market-oriented allocation, emphasizing the decisive role of the market in resource allocation while enhancing the government's role in promoting high-quality economic development [1][3]. Group 1: Financial Infrastructure and Standards - The PBOC is focused on improving foundational infrastructure such as standard setting, financial statistics, and information disclosure to facilitate the reasonable flow of factors. A new "Green Finance Support Project Directory (2025 Edition)" will be issued, which includes definitions for various green financial products and adds categories like green consumption and green trade [3]. - The PBOC is leading the development of 11 financial standards for the transformation of traditional high-carbon industries and is revising guidelines for sustainable information disclosure by financial institutions [3]. Group 2: Capital Support for the Real Economy - The PBOC has established various loan tools to support key sectors, including agricultural and small business loans, carbon reduction support tools, and loans for technological innovation. By the end of Q2 2025, over 1.38 trillion yuan in carbon reduction loans had been issued [4]. - Green loans reached approximately 42.4 trillion yuan, and green bond issuance exceeded 2.2 trillion yuan, placing these metrics among the highest globally. Inclusive small and micro loans, as well as technology loans, grew by over 12% year-on-year, while loans for the elderly care industry increased by 43% [4]. Group 3: Regional Financial Reforms - The PBOC is guiding regional financial reforms in ten pilot areas for factor market-oriented allocation. Cities like Beijing, Hangzhou, and Hefei are implementing financial reforms focused on technological innovation, while Chongqing and Guangzhou are advancing green finance initiatives [4]. Group 4: Risk Management and Future Directions - The PBOC emphasizes the importance of balancing growth and risk management, ensuring that systemic financial risks are avoided. Future efforts will focus on increasing effective financial service supply, promoting higher levels of financial openness, and leveraging digital technology to enhance financial development [5].

Core Viewpoint - The article emphasizes the importance of financial support in accelerating the new type of industrialization in China, which focuses on innovation, quality improvement, intelligent upgrades, and green low-carbon transformation [1][3][4]. Financial Support for New Industrialization - The People's Bank of China and other departments issued guidelines with 18 measures to support new industrialization, providing a clear "timetable" and "blueprint" [1][3]. - The guidelines aim to enhance the financial system to support high-quality services for new industrialization and prevent "involution" competition [1][3]. Timeline and Goals - By 2027, a mature financial system supporting the high-end, intelligent, and green development of the manufacturing industry is expected, with a focus on diverse financial tools and meeting the credit needs of manufacturing enterprises [4][11]. - The guidelines align with the goals set by the 20th National Congress of the Communist Party of China, aiming for basic realization of new industrialization by 2035 [3][4]. Specific Industries Supported - The guidelines specify support for key industries such as integrated circuits, industrial mother machines, medical equipment, and advanced materials, among others [6][7]. - Emerging industries like new-generation information technology, smart vehicles, and green manufacturing are also highlighted for financial support [7]. Financial Tools and Mechanisms - The guidelines propose optimizing credit policies for traditional manufacturing, enhancing support for high-end, intelligent, and green development [5][11]. - Financial institutions are encouraged to utilize technologies like big data and AI to improve service efficiency for small and medium enterprises [10][11]. Long-term Financing and Capital Support - The guidelines address the challenges of financing for small and medium enterprises, proposing measures to enhance credit support and reduce costs [8][10]. - A focus on long-term capital and patient capital is emphasized to support technological innovation and upgrades in traditional industries [7][10]. Collaboration and Policy Coordination - The guidelines call for cross-departmental collaboration and policy incentives to enhance financial support for new industrialization [10][11]. - A mechanism for regular project recommendations and financing connections is proposed to facilitate support for key industries [11].

Core Viewpoint - The People's Bank of China and six other departments have jointly issued the "Guiding Opinions on Financial Support for New-Type Industrialization," which aims to enhance financial support for key industries and promote technological innovation and industrial upgrading [1][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing sectors such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [5][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [6][20]. Group 2: Support for Emerging Industries - The guidance supports financing for emerging industries like new-generation information technology, smart vehicles, renewable energy, and biomedicine in multi-tiered capital markets [7][18]. - It emphasizes the importance of long-term capital and patient investment to accelerate the transformation of technological achievements into commercial applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are directed to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][24]. - The guidance encourages the use of diverse financial tools, including loans, bonds, and insurance, to support the digital transformation of manufacturing enterprises [17][24]. Group 4: Green Finance and Sustainable Development - The policy promotes the establishment of a financial standard system to support the green and low-carbon transformation of high-carbon industries [19][26]. - It encourages the development of green financial products and the application of green credit and bonds in manufacturing [19][26]. Group 5: Strengthening Digital Financial Services - Financial institutions are urged to leverage technologies like big data and blockchain to enhance service efficiency for manufacturing, especially for small and medium-sized enterprises [20][21]. - The guidance supports the construction of digital financial service platforms to facilitate financing and cash management for the manufacturing sector [20][21]. Group 6: Policy Coordination and Risk Management - The document emphasizes the need for coordination between financial and industrial policies to create a supportive environment for new-type industrialization [26][27]. - It calls for the establishment of a joint risk assessment mechanism to monitor and manage financial risks associated with industrial projects [27][28].

Core Viewpoint - The article discusses the joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven departments, including the People's Bank of China, aimed at accelerating the construction of a financial system that supports new-type industrialization and enhances the resilience of industrial chains [3][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing industries such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [4][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [5][20]. Group 2: Support for Emerging Industries - The article highlights support for emerging industries like new-generation information technology, smart (connected) vehicles, and biomedicine to access multi-tiered capital markets for financing [6][18]. - It emphasizes the need for long-term capital and patient investment to accelerate the transformation of technological achievements into practical applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are urged to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][19]. - The article suggests that banks should enhance their support for digital transformation in manufacturing, particularly for small and medium-sized enterprises [17][20]. Group 4: Promoting Green and Digital Finance - The article discusses the importance of green finance in supporting the low-carbon transformation of high-carbon industries, advocating for the development of green financial products [19][28]. - It also emphasizes the role of digital finance in improving the efficiency of financial services for the manufacturing sector, particularly through the use of big data and AI [20][28]. Group 5: Strengthening Policy Coordination - The article calls for enhanced coordination between financial policies and industrial policies to ensure effective implementation of the financial support measures [27][28]. - It highlights the need for a collaborative approach among various government departments to create a conducive environment for financing new-type industrialization [27][28].

Core Viewpoint - The People's Bank of China and six other departments have jointly issued guidelines to enhance financial support for new industrialization, emphasizing policy incentives and constraints [1] Group 1: Policy Measures - Implementation of re-loan and interest subsidy policies for technological innovation and transformation is prioritized [1] - Utilization of carbon reduction support tools, re-loans for small enterprises, and rediscounting as monetary policy instruments to support key areas of new industrialization and the development of small and medium-sized enterprises [1] - Strengthening monitoring of credit in the manufacturing sector and urging banks to adhere to policy requirements [1] Group 2: Financial Market Environment - Continuous enhancement of macro credit policy guidance to create a favorable financial market order [1] - Improvement of green finance evaluation indicators, avoiding the simplistic use of financing scale for "two high and one capital" industries as a standard for evaluation [1]

Group 1: Core Perspectives - The development of technology finance is crucial for supporting new productive forces, involving various aspects of the financial system, policies, and models [1] - The Chinese government emphasizes the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance financial services for major strategies and key areas [1][2] - Financial institutions are exploring new organizational structures and credit processes to better serve technology enterprises [1][2] Group 2: Financial Tools and Policies - The diversification of financial policy tools is essential for addressing the financing bottlenecks faced by technology enterprises and accelerating the development of new productive forces [2][3] - Key financial instruments include re-loans for technological innovation and small business support, which are vital for supporting the real economy and promoting innovation [3][4] - The establishment of a financial service evaluation mechanism is necessary to motivate financial institutions to actively support technology enterprises [3] Group 3: Lifecycle Financial Services - Banks should provide diversified financial services throughout the lifecycle of technology enterprises, addressing different financing needs at various stages of development [5][6] - Supporting early-stage technology enterprises through initial loans can enhance their survival rates and competitiveness [5][6] - For growing technology enterprises, expanding financing channels is crucial for promoting innovation and industry advancement [5] Group 4: Risk Management - The unique characteristics of technology enterprises, such as light assets and high risks, necessitate tailored risk management strategies [8][9] - Banks should establish specialized credit approval mechanisms and enhance the professionalism of their approval processes to better support technology enterprises [8] - Digital transformation in financial institutions can improve risk management capabilities and facilitate the development of innovative financial products [9]