BEIJING, May 19 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC), the sector watchdog, vowed to intensify supports from banking and insurance industries for the Yangtze River Economic Belt, reported Xinhua-run Xinhua Finance citing news posted on CBIRC's website Tuesday.
CBIRC said promoting development of the Yangtze River Economic Belt is a vital strategy that matters to China's overall development. The region covering 11 provinces and municipalities situated alongside the Yangtze River contributed about 46.6 percent to the national gross domestic product (GDP) by the end of September 2020.
CBIRC decided to support development of the Yangtze River Economic Belt from six aspects, prioritizing supports to ecology friendly and green development in the region.
All-out efforts have also been reiterated to serve realization of the carbon peaking and carbon neutrality goals by innovating products and services to cash the value of ecological products in the belt.
Efforts will also be poured into enhancing smooth domestic circulation and formation of an economic system with coordinated labor division and effective cooperation.
The Chinese regulator intended to vigorously incubate new development advantages and support enterprises to better play their role as the main body of regional innovation to further upgrade industrial basis and modernize industrial chains.
Apart from these, China will also promote Yangtze River Economic Belt to be an opening-up highland to help Chinese enterprises to go abroad and foreign enterprises to come in, according to CBIRC.
In December 2014, China's central economic work conference proposed to attach importance to implementation of three development initiatives including the Yangtze River Economic Belt strategy. By the end of 2015, gross regional product of the region accounted for 42.3 percent of China's GDP. The 11 provinces and municipalities included in the economic belt are Shanghai, Jiangsu Province, Zhejiang Province, Anhui Province, Jiangxi Province, Hubei Province, Hunan Province, Chongqing, Sichuan Province, Yunnan Province and Guizhou Province. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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