BEIJING, May 10 (Xinhua) -- National Administration of Financial Regulation (NAFR), the Chinese financial regulator, released on Thursday guidelines for banking and insurance sectors to foster sci-tech, green, inclusive, pension and digital finance to invigorate new quality productive forces and better support the real economy, reported Xinhua Finance.
The guidelines spell out five-year requirements over the basic formation of a multi-layer, extensive, diversified and sustainable service system focusing on the aforementioned five aspects in banking and insurance sectors in China.
Regarding boosting sci-tech finance, NAFR requires obstacle- and problem-centered resolutions in improving the quality and efficiency of sci-tech finance development and facilitating sci-tech innovation-led innovation in modern industries so as to spur development of new quality productive forces.
For instance, regions, banks and insurers with relatively favorable conditions are encouraged to pilot developing tailored financial products to provide full-life-cycle financial services for sci-tech driven enterprises.
As for vitalizing green finance, NAFR underlines further optimization of green finance standards and appraisal systems to lend more financial support to green, low-carbon and recycling economy, expand further green insurance coverage, and improve continuously environmental, social, and governance (ESG) performance of banks and insurers.
As regards fostering inclusive finance, NAFR aims to basically establish a high-quality inclusive finance system with inclusive finance services further optimized, inclusive lending system further cemented and inclusive insurance system gradually enriched in the following five years.
For pension insurance, the guidelines underscore orderly development of the third pillar pension insurance sector featuring more diversified pension financial products and increasing financial supports to the silver economy and health and elderly care industries to better satisfy related financial demand.
Regarding boosting digital finance, NAFR requires explicit digital transformation outcomes in banking and insurance sectors such as the basically in shape digital operation and management systems and broadly-applied digital financial services in the following five years.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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