China Banking and Insurance Regulatory Commission: Continuously promoting banks and insurance institutions to explore new paths of financial technology.

On May 7th, Li Yunze, the director of the financial regulatory bureau, stated during the State Council Information Office press conference that the next step for the financial regulatory bureau is to focus on deepening existing pilot projects, actively expanding new models, improving a technology financial system that is compatible with technological innovation, and fully serving the development of new quality production forces. Li Yunze pointed out that firstly, they will optimize credit services by promoting the establishment of a specialized mechanism for credit support for technological innovation, supporting banks to orderly establish specialized institutions for technology and finance, and encouraging the exploration of long-term technological loan performance evaluation systems. Recently, the financial regulatory bureau is revising the management measures for acquisition loans, which will be implemented soon to further unleash the potential of acquisition loans and promote the accelerated transformation and upgrading of industries. Secondly, they will enhance insurance protection by accelerating the formulation of opinions on the high-quality development of technology insurance, better leveraging risk-sharing and compensation functions, supporting more co-insurance arrangements to provide protection for major technological breakthroughs, promoting insurance products in emerging areas such as robotics and drones, and effectively assisting companies in innovative development. Thirdly, they will expand equity investment by encouraging insurance funds to actively participate in venture capital investments in accordance with market principles, and to carry out major equity investments in unlisted technology companies in an orderly manner. Li Yunze stated that the financial regulatory bureau supports qualified nationwide commercial banks to establish financial asset investment companies, and will soon approve a series of applications, with one already approved today, to increase investment in technology and innovation companies.