China taps banks to bolster cross-border trade, offer financial support

Additional support will be provided for export-related credit insurance.

China's National Financial Regulatory Administration (NFRA) is planning to implement a range of policies to bolster financial support for various sectors and segments, YiCai Global reported.

These measures aim to boost internal demand and provide monetary aid to key industries and vulnerable groups, said an official.

The NFRA will focus on aiding new and important fields related to consumption while regulating the development of consumer financial products and services.

Credit investment in the consumer service sector will be strengthened.

To support foreign trade, Chinese banks and their overseas branches will be encouraged to offer financial products and services to carmakers operating abroad.

Cross-border e-commerce platforms' financial services will be optimised, and additional support will be provided for export-related credit insurance, especially for exporting complete sets of large-sized equipment.

Private firms will be the target of improved financial services, and more credit-related support will be extended to individual businesses and merchants.

The NFRA will also assist in technological innovation and promote green growth in the manufacturing sector.

Specific financial bailout policies will be implemented for coal and power companies, and the reasonable fundraising needs of energy firms will be guaranteed.

ALSO READ: China Life Insurance, bankers in the talks of $2b bond

Financial assistance will be increased for significant sectors like advanced manufacturing, strategic emerging industries, and the modernization of traditional industries.

Major infrastructure projects, including those in energy, transportation, and water conservancy, will also receive support.