Boost Financial Services in Five Fields

Boost Financial Services in Five Fields*

October 30, 2023

To improve the quality of its services, the financial sector should put additional emphasis on sci-tech finance, green finance, inclusive finance, pension finance, and digital finance.

In the field of science and technology, finance should rise to challenges and focus on key issues. We will guide financial institutions to refine both incentives and restraints, to leverage equity, creditors’ rights and insurance in a coordinated manner, to provide full-chain and full-lifecycle financial services for sci-tech companies, and to support the upgrading of manufacturing.

On green finance, financial institutions should build on the current momentum and establish the new before decommissioning the old. We will refine the policies, standards and products of green finance, expand the coverage of the China Carbon Emission Trade Exchange, and support clean energy investment, research, development and application. We will continue to promote clean and efficient utilization of coal. In order to reinforce China’s energy security and boost our efforts to achieve peak carbon emissions by 2030 and carbon neutrality by 2060, we must also forestall and defuse risks that may arise during the creation of a new energy system and the transformation of energy enterprises.

Inclusive finance is required to address the critical needs of businesses and serve programs to improve lives. We will continue to improve policies on financial support for micro, small and medium-sized enterprises, and for private businesses, to make financing easier and more affordable for them. We will increase financial input for rural revitalization, in order to ensure China’s firm control over its food supply, boost the growth of rural industries, and increase rural incomes. Financial institutions must optimize their service delivery models to make products offering security, liquidity, and reasonable returns accessible to ordinary families.

We should improve pension finance to better serve seniors. We will intensify support for the health industry, eldercare industry, and silver economy through fiscal, taxation, and financial policies, expand the targeted supply of financial products for eldercare, and encourage the development of third-pillar pension plans, to better meet the diversifying needs for pension finance.

Digital finance should be responsive to opportunities while paying close attention to security. Financial institutions must accelerate digital transformation to make their services more convenient and competitive, but at the same time retain cash and other necessary traditional services. Financial technology should be widely employed in regulating the sector to improve our capacity for digital oversight and customer protection. In addition, we will be both active and prudent in promoting the digital Renminbi.

* Part of the speech at the Central Conference on Financial Work.

(Not to be republished for any commercial or other purposes.)