A state-level initiative launched by the Chinese central government to facilitate financing for industry has reportedly provided enterprises around the country with over half-a-trillion yuan in funds.
The National Industry-Financial Cooperative Platform (国家产融合作平台) has helped Chinese companies to raise more than 500 billion yuan in financing since its launched just over two years ago, according to figures released on 16 April at the the 2023 (1st) National Conference on Industry-Finance Cooperation held in the Sichuan province city of Mianyang.
The initiative, launched by the Ministry of Industry and Information Technology (MIIT) in cooperation with the Ministry of Finance (MOF), supports industry-finance cooperative trials in 51 cities around China.
“Since its official launch in February 2021, the platform has teamed up with 180,000 registered companies and 1,500 financial and investment institutions, helping companies to raise more than 500 billion yuan in financing,” said a report from state-owned media.
“It has become a core vehicle that connects industry and finance and promotes the integration of industry and finance, significantly improving the quality and efficiency of industry-finance cooperation.”
Xin Guobin (辛国斌), MIIT deputy-minister, said that industry-finance integration is an important feature of China’s modern economy, and promoting new industrialization will create greater development space for the integration of industry and finance.