MNI China Daily Summary: Friday, April 26

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MNI BRIEF: China Financial Sector To Boost Tech Innovation

MNI (Singapore)
(MNI)Beijing

China should guide long-term funds to invest in technological innovation, increase the equity financing and support for eligible tech companies engaged in cross-border financing with Belt and Road Initiative countries, said Shang Fulin, former head of the China Securities Regulatory Commission and China Banking Regulatory Commission on Sunday during the 2023 Shanghai Suhewan Conference.

Promoting financial support for technological innovation is not only necessary for facilitating the economic transformation, but also for enhancing the financial sector’s international competitiveness, which is significant for maintaining China's long-term economic stability and ensuring economic security, said Shang, now chairman of China Wealth Management 50 Forum.

China must upgrade it industries to high-tech and high-value-added ones, and form a new economic growth pattern to improve labour productivity and achieve high-quality growth as the traditional advantages of low-cost labor diminishes and the marginal effects of credit expansion on GDP decreases, he noted.

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