The International Congress of Basic Science (ICBS) exemplifies the unity in science community despite political and economical divisions and the important role the basic science has played in promoting technological advancement, said Eric Maskin, a Nobel laureate in economics, in an exclusive interview which was aired on Friday.
The ICBS was inaugurated in Beijing on July 14, bringing together more than 800 scientists and scholars from home and abroad, including Fields Medal winners, Turing Award winners and one Nobel laureate.
Speaking with China Media Group (CMG) on the sidelines of the event, Eric Maskin listed two reasons why the conference was of significance.
"To begin with, I think one of the values of this particular conference is the fact that it's international. At a time when in the political area, economic area there is increasing fragmentation around the world, increasing tension, I think science is something that can bring us all together. Science is, by its nature, a collaborative enterprise, and taking advantage of the fact that there are excellent scientists all over the world, in China, in the U.S., in Europe. And bringing them all to one place at one time has great value in itself," Maskin said.
"But the other reason why I think this conference is so important is that it reminds us that basic science has a critically important side benefits. We know from the work of the economist Robert Solow, back in the 1950s, that most economic growth can be attributed to new ideas. New ideas are essential when it comes to growth. And new ideas ultimately get traced back to basic science. You can certainly predict on the basis of history that all great technological advances will be based ultimately on basic science," he continued.
Basic science lays foundation for technological advances: Nobel laureate
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
