SCIO briefing on development of industry and information technology in H1 2025

China Securities Journal:

Mr. Xie Shaofeng just outlined the situation regarding the national SME development fund. We know that the MIIT has done considerable work in recent years on industry-finance cooperation to promote high-quality manufacturing development. What new progress and achievements have been made so far? What measures will be taken next to strengthen financial support for new industrialization? Thank you.

Xie Shaofeng:

Thank you for your questions. In the first half of the year, we earnestly implemented the spirit of the Central Economic Work Conference and the relevant decisions and arrangements of the government work report. Working with relevant departments, local governments and financial institutions, we focused on achieving new industrialization as a key task. We have actively promoted industry-finance cooperation, supported improvements to the multitiered financial service system, and contributed to building both a strong manufacturing sector and a robust financial industry.

First, the scale of financing has further expanded. Leveraging the national industry-finance cooperation platform, more than 3,100 financial and investment institutions have focused on the urgent needs of manufacturing enterprises, launching over 800 financial products. The cumulative financing scale has exceeded 1.2 trillion yuan, with beneficiary companies each receiving an average of nearly 34 million yuan in financing support. In the first half of the year, the A-share market raised 148.8 billion yuan for enterprises in the industrial and information technology fields through initial public offerings, additional issuances and convertible bonds, a year-on-year increase of 51.6%.

Second, the policy system has been further improved. We have strengthened policy coordination with the People's Bank of China and other departments to guide more financial resources toward supporting technological innovation, advanced manufacturing, green development, and micro, small and medium-sized enterprises. We actively worked with relevant departments to develop financial policies for new industrialization. In the first half of the year, we increased the re-lending quota for technological innovation and transformation by 300 billion yuan. We studied and established new policy-based financial instruments and launched a pilot program for merger and acquisition loans aimed at tech companies, with significantly more flexible loan ratios and terms.

Third, financing products have been further diversified. Working with 23 strategic partner financial institutions, we have developed financial products and services for various key tasks of new industrialization. To support key industrial chains, we partnered with select banks to launch specialized loan products, with corporate credit loans accounting for over 42% and maximum loan terms reaching 10 years. We introduced products, including pilot testing insurance-plus-R&D loan packages and tech innovation loans, to support industrial technological innovation. For traditional industry transformation and upgrading, we launched products including green factory loans and digital transformation loans, cumulatively supporting enterprise financing of over 150 billion yuan.

Fourth, support targets have been further prioritized. We have strengthened financial services for key industrial chains by building an integrated system covering equity, loans, bonds and insurance. We have established coordination mechanisms with financial departments and launched "one city, one policy" roadshows for national industry-finance cooperation pilot cities and nationwide campaign "one month, one chain" to promote financing for specific industrial chains. Some companies have gone public or are applying for listing, with the national industry-finance cooperation platform having cumulatively supported 356.2 billion yuan in financing for key industrial chain enterprises. We have focused on strengthening financial support for the deep integration of technological innovation and industrial innovation. We supported financial institutions in developing innovation credit loan products, which facilitated 77.3 billion yuan in corporate financing. We implemented the "Integration of Science, Technology, Industry and Finance" special project, conducted roadshows in Chengdu, and promoted the inclusion of 142 "hard tech" enterprises into the IPO cultivation pipeline, with some companies now preparing for their IPOs.

Looking ahead, we will thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council regarding financial services for the real economy. We will work with relevant departments to improve financial policies supporting new industrialization and deepen industry-finance integration. First, we will focus on key industrial chains to promote innovation in products and services. This will include building a better multitiered financial system that serves entire industrial chains. Second, we need to focus on the deep integration of technological innovation and industrial innovation, thoroughly implement the "Integration of Science, Technology, Industry and Finance" special project, and strengthen the functions of the national industry-finance cooperation platform. Third, we will focus on the 66 national industry-finance cooperation pilot cities to promote pilot policies and standards. We will build these pilot cities into testing grounds, advancing the financial sector's five major tasks and supporting high-quality manufacturing development. Thank you.

Zhou Jianshe:

That concludes today's press conference. Thank you to our three speakers and to all the journalists for joining us. Goodbye, everyone.

Translated and edited by Liu Jianing, Lin Liyao, Dong Qingpei, Cui Can, Li Congrong, Xu Kailin, Yan Xiaoqing, Wang Qian, Fan Junmei, Ma Yujia, Zhang Rui, Li Huiru, David Ball, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.