China's Financial Boost for Key Industrial Sectors

China has released new guidelines to provide financial backing for vital industrial sectors. The initiative, involving several government agencies, aims to promote industrial advancement while curbing excessive competition. Additionally, financial institutions are encouraged to support companies facing external challenges, particularly in the mining sector, to stabilize supply and prices.

In a strategic move, China unveiled guidelines on Tuesday to bolster key industrial sectors through financial support, emphasizing medium- to long-term bank financing for industries like integrated circuits and advanced materials.

The guidelines, issued collaboratively by seven government bodies, focus on enhancing industrial upgrades and reducing rivalrous behavior that could impede growth.

Furthermore, the directives urge financial institutions to extend comprehensive financial plans to companies adversely affected by external pressures, with particular emphasis on aiding the mining industry to ensure stability in commodity supply and pricing.

(With inputs from agencies.)