The People's Bank of China and six other departments jointly issued a document to encourage financial institutions to simplify business processes using blockchain and other technologies

ChainCatcher news, the People's Bank of China, the Ministry of Industry and Information Technology, and six other departments jointly issued the "Guiding Opinions on Financial Support for New Industrialization," encouraging financial institutions to utilize technologies such as blockchain, big data, and artificial intelligence to simplify business procedures and enhance service efficiency for the manufacturing industry, especially for small and medium-sized enterprises. The opinions support the construction of digital infrastructure such as 5G and the industrial internet, broaden financing channels, promote banks to create digital industrial financial service platforms, achieve "one-stop" financial services, and optimize the accessibility of financing for small and micro enterprises.