The PBOC and other agencies issued guidance on financial support for building
Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta) and the Guangdong-Hong
Kong-Macao Greater Bay Area into international technology innovation centers.
The document stresses strengthened joint risk prevention and control and
requires adherence to market-based, rule-of-law principles to ensure that all parties
risk-management accountability, prevent herd/ blind investment and low-quality
duplicated projects, and strictly guard against systemic financial risk.
Financial institutions must fulfill risk-control responsibilities, maintain
independent decision-making, bear their own risks, operate prudently, and
tighten credit risk management and monitoring of fund use. Industry regulators
will intensify risk assessment and early warning for priority tech-innovation
areas and assist financial firms in distinguishing true from false innovation.
Financial management bodies will guide institutions to develop differentiated
tech-finance activities consistent with their mandates and strategies, ensure
financial innovation proceeds on market and legal tracks, avoid
cut‑throat/“involution” competition, and strengthen routine supervision,
risk-information sharing and joint risk assessment.
