People's Bank of China: Promote industries to accelerate their move towards mid-to-high end, prevent "involution" competition
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The People's Bank of China and seven other departments jointly issued the "Guiding Opinions on Financial Support for New-Type Industrialization," emphasizing the coordination between industrial policies and financial policies, promoting the development of industries towards mid-to-high end, and preventing "involution" competition. The opinions also mentioned the need to promote the aggregation of financial resources towards industrial clusters, facilitate cross-border financial services, support the reasonable layout of industries, and enhance the domestic circulation
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