Policies to support finance-technology integration

China's financial regulators are strengthening communication with the Ministry of Science and Technology, in an effort to boost innovation and provide financial support to emerging industries.

The ministries are drafting a "national science and technology finance strategy", which will include a joint session among the ministries, a supporting policy system, and pilot programs.

The Ministry of Science and Technology and regulators of the securities, banking, and insurance sectors are studying ways to improve their strategy.

"A major task for this year is to advance the pilot programs, and improve the communication mechanism among ministries, so as to create a favorable environment for the integration of finance and technology," a source from the technology ministry was quoted by Economic Information as saying.

Financial regulators will separately issue policies to support technical innovation, it said.

In areas such as Beijing, Jiangsu and Guangdong province, banks have launched innovative services targeting smaller businesses.

Securities and insurance regulators are also readying supportive policies for smaller businesses and emerging industries.

Meanwhile, there will also be tax preference and fiscal support policies for these industries, according to the State Administration of Tax and Ministry of Finance.