BEIJING China is urging banks and financial institutions to increase credit support to the advanced manufacturing sector, as part of efforts to become a powerhouse in goods from electric vehicles and wind turbines to aerospace components and semiconductors.

Banks should promote more credit resources to help develop the manufacturing industry, and continue to increase the proportion of medium- and long-term loans in the sector, according to a statement jointly released on Tuesday by the financial regulator, the Ministry of Industry and Information Technology, and the state planer.

Banks should separately list manufacturing credit plans and clearly stipulate support priorities and objectives, the regulators said.

The measures aim to "better help to build a manufacturing powerhouse and promote new-type industrialisation", according to a separate statement in Q&A form posted on the website of the National Financial Regulatory Administration.

Banks and financial institutions should not relax risk management requirements and should avoid excessive credit-granting, so as to avoid causing low-level and repetitive construction of industrial projects, the regulators said.

Insurance funds are encouraged to provide long-term and stable financial support for strategic emerging industries, they added.

  - Reuters