(Yicai Global) July 28 -- China's National Financial Regulatory Administration will execute various policies in the next stage and take targeted measures to enhance financial support in expanding internal demand and strengthening monetary aid to major sectors and vulnerable segments, according to an official from the country's new financial authority.

Financial aid to significant fields, including advanced manufacturing, strategic emerging industries, and the transformation and upgrading of traditional industries, will go on increasing, the official said at a conference to make public the first-half data of China's banking and insurance sectors. The construction of major infrastructure projects, including those of energies, traffic, and water conservancy, will also receive help, he added.

The NFRA will further intensify assistance to new and important fields relevant to consumption, the person pointed out, noting that at the same time, it is to standardize the development of consumer financial products and services and to increase credit investment in the consumer service sector.

Regarding foreign trade-related support, the NFRA will encourage Chinese banks and their overseas branches to provide financial products and services for carmakers' production and operation abroad, according to the official.

The monetary watchdog is also to optimize cross-border e-commerce platforms' financial services and to enhance support in export-related credit insurance, especially those aimed at exporting complete sets of large-sized equipment.

The NFRA will enhance and improve financial services targeting private firms and offer more credit-related support to individual businesses and merchants, the official said. It will also further assist the technological innovation and the manufacturing sector's green growth, implement financial bailout policies targeting coal and power companies, and guarantee the reasonable fundraising demand of energy firms, the person added.

New yuan loans surged 14.7 percent to CNY15.73 trillion (USD2.19 trillion) in the six months ended June 30 from a year earlier, the official noted, adding that the balance of insurance fund utilization totaled CNY26.8 trillion by the end of last month, a 9.7 percent jump from a year ago.

The balance of commercial banks' provision for loan losses increased by CNY456.1 billion (USD63.6 billion) in the first six months of this year, with the provision coverage ratio remaining at a high level of 206 percent. Commercial banks' capital adequacy ratio was 14.7 percent, and the insurance sector's comprehensive solvency ratio reached 190 percent, staying within a reasonable range.

Editors: Shi Yi, Martin Kadiev