China is firmly committed to cultivating new growth drivers to address challenges from both home and abroad, securing a decent growth for this year and fostering high-quality development for the future. Yi Huiman, Chairman of the China Securities Regulatory Commission (CSRC), highlighted the key role of capital markets in funding innovative industries. The nation will give full play to the role of capital markets in promoting direct and indirect financing, supporting funding for emerging industries and promoting the transformation and upgrading of traditional industries, Yi wrote in Qiushi Journal. Yi’s remarks came after Guo Shougang, Deputy Director General of the Equipment Industry Department (I) at the Ministry of Industry and Information Technology (MIIT), emphasized the importance of boosting technological innovation and industrial transformation at the Global Future Science and Technology Innovation Cooperation Conference in Beijing. To provide a better environment for industrial development, China will upgrade services in auto manufacturing, remove caps on contract manufacturing in an orderly manner, and intensify the regulation of product safety, cybersecurity and data safety, Guo said.
Despite the recent impact of the Covid-19 pandemic and changes in the international environment, experts believe China has the ability to keep economic operations within a reasonable range in 2022, and they expect to see a steady rebound in the second half of the year through more policy stimulus and infrastructure funding. David Wang, Chief China Economist at Credit Suisse, said infrastructure investment, including green investment, will be the key driver of recovery in the second half. As for emerging industries and economic upgrading driving potential growth in China, Wang’s team expects a modest acceleration in the country’s technological progress over the next five years.
The People’s Bank of China (PBOC) said at a work conference that it has provided strong financial support for stabilizing the overall economy, and medium and long-term loans to manufacturers have increased notably, the China Daily reports.
