The People's Bank of China, the Ministry of Industry and Information Technology and seven other departments recently jointly issued the "Guiding Opinions on Financial Support for New Industrialization" (hereinafter referred to as the "Opinions"), launching a series of specific support measures to focus on meeting the needs of the development of the real economy, further enhance the support of financial resources for all links of new industrialization, strengthen the coordinated linkage of financial policies and industrial policies, and provide policy guarantees for effectively promoting the integrated development of capital chains and industrial chains in the industrial field.

From the importance, in the process of the in-depth evolution of the new round of scientific and technological revolution and industrial transformation, the deeper the industrialization accumulates, the more potential the industrial development will be. Solidly advancing the industrialization process and allowing all kinds of factors to work together better in the industrialization process will help to continuously consolidate the foundation for high-quality development and will inject a steady stream of development momentum into the entire economic system. Promoting new industrialization is inseparable from the strong support of financial resources. Diverse financing channels and rich financing tools can effectively match the characteristics of large investment demand in the industrial field, helping to achieve the organic unity of resources, projects and policies.

From the perspective of policy support, financing, empowerment and expansion space are the key and key points. Financing solves the direct capital needs such as project construction and production needs in the industrial field. Smooth financing channels are one of the important prerequisites for the survival and sustainable development of traditional manufacturing industries; empowering, focusing on refining measures in supporting transformation and upgrading, assisting scientific and technological innovation, etc.; expanding space means giving full play to the guiding role of financial policies in promoting the rational layout of the industry and achieving coordinated linkage between industrial policies and financial policies.

New industrialization is not a blind pursuit of innovation. Traditional industries in the industrial field occupy an important position. It is crucial to provide financing support for these categories. Among them, an important direction is to strengthen support for medium- and long-term loans in the manufacturing industry. On the one hand, banks can set up separate manufacturing credit plans, and on the other hand, they must improve due diligence exemption and incentive mechanisms. The two-sided refinement measures directly hit the pain points and difficulties in the financing process of traditional manufacturing, and also provide a basis for optimizing relevant policies in the next step. According to the different characteristics of the manufacturing industry and the financing needs of different development stages, the key to financial loan support is to work hard on differentiation and accuracy. In addition, the "Opinions" also mention "carrying out special action for overseas services for small and medium-sized enterprises", which provides support in improving the convenience of cross-border financial services, which is also in line with the objective reality that most manufacturing operators in the foreign trade field in my country are the main force of foreign trade exports. It should start from the actual financing needs of business entities and provide policy supply.

In the process of promoting new industrialization, scientific and technological innovation and industrial innovation are "must-answer questions". Give full play to the role of financial empowerment and promote better coupling of capital chains, talent chains with industrial chains and supply chains is an inevitable choice and necessary measure for finance to support new industrialization. A key link in this is to do a good job in institutional design for patient capital operation. From technological innovation to industrialization of results, patient capital has unique advantages, which is difficult for other short-term capital to own. How to maintain the sustainability of patient capital is a problem that needs to be solved in the current process of planning financial support for new industrialization. The key to solving the problem is to do a good job in continuing long-term funds and medium- and short-term funds, guide patient capital to focus on supporting front-end R&D, increase investment in potential enterprises, etc., introduce diversified medium- and short-term funds to follow up in a timely manner in the less risky links, truly realize that patient capital "doing something and not doing something", build a long-term mechanism, and resolutely prevent the situation of "scrambling up".

Broadening the space for industrial development is also an important path for financial support for new industrialization. This "Opinion" proposes that financial support should help achieve industrial layout optimization, which is essentially to better play the positive role of financial support in guiding industrial layout. From the perspective of the relationship between the government and the market, financial resources support the optimization of the layout of the industrial field. On the one hand, we must focus on supporting cluster construction, give full play to the advantages of financial institutions, promote various industries to combine local resource endowments, and achieve clustered development according to local conditions; where there is no conditions for clustered development, a pattern of differentiated development from surrounding industries will be built. On the other hand, we must give full play to the role of financial support in adjusting the industrial structure and ensuring that projects comply with national industrial policies. The focus is to strengthen coordination with industrial policies, achieve synchronous linkage and precise docking, and avoid divergence in the direction of financing support and project construction requirements due to information asymmetry.

In addition, we must maintain a fair and competitive market environment, take maintaining market signal accuracy and sensitivity as the starting point, and do a good job in financial supervision and other work. Specifically, we must combine the current need to rectify "intra-roll" competition, continue to analyze and early warning of capital flows, compress the capital space for the continued "intra-roll" competition, and provide support for all kinds of high-quality factors to fully release their vitality in the industrial field.

(The author is a researcher at the Industrial Economic Research Office of the Economic Forecasting Department of the National Information Center)