China vows to step up financial support for key industrial sectors

China on Tuesday issued guidelines on financial support for key industrial sectors, vowing to guide banks to provide medium- and long-term financing for industries such as integrated circuits and advanced materials.

The guidelines, jointly issued by seven government agencies including the central bank and the finance ministry, said they were aimed at advancing industrial upgrade and preventing excessive competition.

The guidelines also call on financial institutions to provide financial solution plans for companies severely affected by external factors and pledge support for mining companies to stabilise supply and prices of commodities.

Reuters