China eyes ‘substantial economic impact’ from hi-tech innovation as regulators vow more support for industry

China's financial leaders are uniting to boost the country's technology sector, making it clear that tech and innovation are top priorities for the government. Officials from various financial and technology departments met to discuss strategies for directing more funds into the tech industry to create a significant impact on the economy. They emphasized the need for comprehensive support for innovation and addressing issues in the current financial services. nnThe meeting included representatives from numerous banks and insurance companies, who agreed to collaborate on enhancing the financial technology (fintech) sector. This gathering also gave a glimpse into the upcoming central economic work conference, where China's economic goals for the next year will be outlined. Recently, China recognized the need for increased financial backing in tech during a major policy conference. Following the meeting, officials promised to simplify the process for tech companies to secure loans and funding, especially for high-tech manufacturing and small to medium tech businesses. nnAt a local financial meeting in Shanghai, officials committed to creating a supportive and open environment for fintech, ensuring that innovation remains integral to China's economic growth. This year, over 60 companies have raised substantial funds through the Shanghai Stock Exchange's Science and Technology Innovation Board. Experts from Anbound Consulting predict more policies favoring tech innovation as China aims for high-quality development. Despite international tensions, China is determined to become a leading tech nation and remains open to global cooperation.