Zhejiang banks bet big on high-tech drivers

As China prepares its 15th Five-Year Plan (2026-30), policymakers have underscored the importance of pursuing high-quality development, advancing new quality productive forces in line with local conditions and accelerating the cultivation of new growth drivers to upgrade the economic structure.

At the annual Central Economic Work Conference in Beijing from Wednesday to Thursday, it was noted that China will guide financial institutions to scale up support for domestic demand expansion, sci-tech innovation, micro, small and medium enterprises, and other key areas.

In Zhejiang province, local financial regulators have made nurturing these new quality productive forces a top priority, encouraging the banking sector to strengthen financial support for innovation-led growth.

Over the past few years, under the guidance of regulators, banking institutions in Zhejiang have pursued the goal of high-quality growth in technology finance. Banks across the province have launched new financial service models, empowering tech-based enterprises, integrating capital, innovation and industrial chains, and providing solid financial backing for emerging industries, said Qian Wei, full-time vice-president of the Zhejiang Association of Banks.