China to step up financial support for new infrastructure, major projects

China will step up financial support for new infrastructure, fresh urbanization initiatives and major projects as part of efforts to boost the economy amid COVID-19 control, the country's banking and insurance regulator said.

The China Banking and Insurance Regulatory Commission (CBIRC) will continue epidemic control measures while focusing on supporting companies and ensuring employment, the CBIRC said in a statement made public on June 8, citing an internal meeting on implementing tasks outlined by the government work report.

The commission will act proactively to help manufacturing, aviation, cultural and tourism industries ease debt pressure, it said.

The CBIRC will also continue strict regulation of the shadow banking sector and crack down on financial irregularities as part of the efforts to forestall financial risks, it said.

The commission will also deepen reform and opening-up of the banking and insurance industries and support the development of direct financing.

The country will step up the construction of new types of infrastructure, strengthen the development of a new kind of urbanization, and redouble efforts to develop major transportation and water conservancy projects, according to this year's government work report.