China to launch more equity investment pilots to support sci-tech enterprises

Focusing on financial asset investment companies, China plans to launch more pilots for equity investment and thereby provides stronger support for sci-tech innovation-based enterprises, a senior official said on Monday.

Li Yunze, head of the National Financial Regulatory Administration, made the remarks during an interview on Monday after the closing meeting of the second session of the 14th National People's Congress.

According to Li, China will spare no effort to promote technological and scientific innovation. It just issued a document in January to ensure that financial services will be provided to relevant enterprises during their full life cycles.

In accordance with this year’s Government Work Report, China will also continue to deepen supply-side reforms in the financial sector and help cultivate more new quality productive forces, thereby further contributing to the high-quality economic development, said Li.

When it comes to the prevention and resolving of financial risks, Li said China will make its policies and moves more forward-looking, precise and effective. The consistency will also be improved.

Endowed with sufficient resources to mitigate financial risks, China is fully

confident and capable of safeguarding its national financial security.

"Currently, the country's financial risks are generally controllable," said Li. "Development, especially high-quality development, remains as the fundamental solution to these risks."

During the interview, Li also mentioned that China has been mulling on lowering payment ratios for car loans and improving the pricing mechanism for new energy vehicle insurance. Efforts will also be beefed up to promote the deployment of the coordination mechanism for urban real estate financing.