How should China chart a new course for finance with Chinese characteristics through boosting financial services in the five fields of sci-tech finance, green finance, inclusive finance, pension finance and digital finance? To deeply implement the spirit of the fourth plenary session of the 20th Central Committee of the Communist Party of China (CPC) and the central financial work conference, multiple measures must be taken to ensure effective financial services in these five areas. This will promote the high-quality development of China's financial sector and provide robust support for comprehensively building a modern socialist country, said Yin Yanlin, deputy director of the Economic Committee of the 14th National Committee of the Chinese People's Political Consultative Conference, when hosting People's Daily's video series "Stories of High-Quality Development."
Yin stated that it is essential to develop sci-tech finance to promote the development of new quality productive forces. Financial institutions should be guided to improve incentive and restraint mechanisms, and to coordinate the use of equity, debt, insurance, and other instruments to provide comprehensive, full-life-cycle financial services for sci-tech enterprises, striving to form a virtuous cycle of "technology, industry, and finance." Credit support for small- and medium-sized sci-tech enterprises should be increased, and businesses such as "loans plus external direct investment" should be conducted in a standardized manner. The operational mechanisms for insurance covering the first set of major technical equipment, the first batch of key new materials, and the first version of software should be optimized. For sci-tech enterprises in new industries, new business forms, and new technology fields that make breakthroughs in key core technologies, greater support should be provided to help them go public. Continuous support should be provided for high-quality sci-tech enterprises that have not yet turned a profit to get listed. Private equity and venture capital funds should be guided to invest early, in small enterprises, for the long term, and in hard technology.
It is necessary to develop green finance to accelerate the comprehensive green transformation of economic and social development. Efforts should be made to continuously strengthen financial support for the green, low-carbon, and circular economy, and to guide funds into green industries such as environmental protection, energy conservation, and clean energy to help reach peak carbon emissions and carbon neutrality. Green finance standards and evaluation systems should be improved, guiding banking and insurance institutions to actively support energy conservation and carbon reduction in key industries and sectors, promoting the construction of a clean, low-carbon energy system and the application of green technologies. Green financial products and services should be enriched by developing financing through the pledge of carbon emission rights, pollution discharge rights, and other environmental rights. Support should be provided to eligible enterprises in green industries for public listings, financing, mergers and acquisitions, and the issuance of green bonds and green asset-backed securities.
Inclusive finance should be developed to improve the quality of people's lives. Inclusive financial products for older adults, farmers, new urban residents, low-income populations, people with disabilities, and other groups should be actively developed, continuously improving the accessibility of financing for individual businesses, farmers, and new types of agricultural business entities. The policy system for financial support to small, medium, and micro enterprises, as well as private enterprises, should be continuously improved, further alleviating difficulties and high costs in financing. The pilot program for inclusive finance at the Beijing Stock Exchange and the New Third Board should be advanced, supporting the listing of high-quality small- and medium-sized enterprises, such as specialized, refined, distinctive, and innovative firms. Financial product and service innovation should be strengthened to better meet the diverse investment needs of residents.
China should develop pension finance to actively address population aging. It should actively develop third-pillar elderly care insurance, enrich pension financial products, and continuously increase financial support for the silver economy, as well as the health and elderly care industries, to better meet increasingly diverse pension financial needs. Support should be provided to eligible enterprises in the silver economy, such as those in the health and elderly care sectors, to facilitate equity and bond financing. Additionally, the use of elderly care facilities as underlying assets to issue asset-backed securities and REITs (real estate investment trusts) should be explored. Public fund management companies should be supported in establishing subsidiaries dedicated to pension financial services.
Digital finance should be developed to enhance the efficiency of financial services in the real economy. Banking and insurance institutions should be guided to undergo digital transformation, enhancing their digital operation and service capabilities. Mobile internet terminal businesses should be vigorously developed, online channels expanded, and online and offline business synergies strengthened. The digital level of the securities and futures industry should be elevated. More "green light" projects for equity and bond issuance in the digital economy and platform enterprises should be promoted. Risk management in data security, network security and information technology outsourcing should be strengthened to prevent risks arising from the application of new technologies. The financial regulatory system should be improved to adapt to the digital era, enhancing digital regulatory and financial consumer protection capabilities.
Sci-tech finance, green finance, inclusive finance, pension finance and digital finance are key areas for the high-quality development of finance. In the 15th Five-Year Plan period, by vigorously developing financial services in the five areas, as outlined in the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for National Economic and Social Development, adopted at the fourth plenary session of the 20th CPC Central Committee, we will better fulfill the core purpose of finance, which is to serve the real economy, adhere to a people-centered approach, advance the development of finance with Chinese characteristics, and contribute to building China into a strong country and achieving the great rejuvenation of the Chinese nation through high-quality financial development, Yin said.
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