China’s big five brokerages have made public statements expressing a commitment to support for the country’s real economy in the wake of the 20th National Chinese Communist Party (CCP) Congress.
CITIC Securities, CICC, Guotai Jun’an, Haitong Securitise and Huatai Securities all recently released statements announcing their support for the spirit of the 20th National CCP Congress, with a commitment to “working hard to service the real economy and tech innovation.”
According to the statements, the brokerages will “effectively employ the central role of securities companies in connecting the real economy with capital markets, and guiding more social capital towards areas including tech innovation, the security of industrial supply chains, green development and micro, small and medium-sized businesses.”
The brokerages also committed to “making an active contribution towards high-quality economic development, the creation of new growth conditions and the development of a modernised economic system.”
The announcements arrive amidst an ongoing push from Chinese regulators for the financial sector to provide greater support for the real economy, with an especial focus on the manufacturing sector, tech innovation and small businesses.