Eight Departments Issue Guidance on Financial Support for Services Sector

Eight departments—including the People's Bank of China, financial regulator, securities regulator, NDRC, MIIT, MOF, MOFCOM and the Ministry of Culture and Tourism—issued guidance on financial support for upgrading the services sector, with 19 measures covering institutional capability, support for producer and consumer services, and strengthening financial services. It calls for shifting away from asset-heavy, collateral-heavy lending to solve financing difficulties for asset-light firms; improving financial services for consumer services including accommodation, dining, culture, sports and tourism; and supporting industrial heritage revitalization and tourism infrastructure.