Science and Technology Departments (Committees, Bureaus) of various provinces, autonomous regions, municipalities directly under the central government, and cities specifically designated in the state plan, as well as the Science and Technology Bureau of Xinjiang Production and Construction Corps; The Shanghai headquarters of the People's Bank of China, as well as branches in various provinces, autonomous regions, municipalities directly under the central government, and cities specifically designated in the state plan; Financial regulatory authorities; China Securities Regulatory Commission's dispatched agencies, exchanges, subordinate units, and associations; Development and Reform Commission, Finance Department (Bureau), State owned Assets Supervision and Administration Commission of each province, autonomous region, municipality directly under the central government, and planned city, as well as Development and Reform Commission, Finance Bureau, and State owned Assets Supervision and Administration Commission of Xinjiang Production and Construction Corps; Policy banks, large banks, joint-stock banks, foreign banks, direct banks, financial asset investment companies, wealth management companies, insurance group (holding) companies, insurance companies, insurance asset management companies, and financial holding companies:
In order to thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the Third Plenary Session of the 20th Central Committee, conscientiously implement the deployment of the National Science and Technology Conference and the Central Financial Work Conference, build a science and technology financial system that is compatible with scientific and technological innovation, and strengthen financial support for major national science and technology tasks and technology-based small and medium-sized enterprises, the Ministry of Science and Technology, the People's Bank of China, the State Administration for Financial Regulation, the China Securities Regulatory Commission, the National Development and Reform Commission, the Ministry of Finance, and the State owned Assets Supervision and Administration Commission of the State Council jointly formulated the "Several Policy Measures to Accelerate the Construction of a Science and Technology Financial. We are now issuing it to you for your compliance and execution.
Ministry of Science and Technology
the People's Bank of China
State Administration for Financial Regulation
China Securities Regulatory Commission (CSRC)
National Development and Reform Commission
Ministry of Finance
SASAC
May 13, 2025
Several policy measures to accelerate the construction of a technology finance system and provide strong support for high-level technological self-reliance and self-improvement
Developing technology finance is a necessary path to promote the deep integration of technological innovation and industrial innovation, and financial capital is an important force to support high-level technological self-reliance and self-improvement. To accelerate the construction of a technology finance system that is compatible with technological innovation, support high-level technological self-reliance and the construction of a strong technological country, the following policy measures are proposed.
1、 Overall requirements
In order to thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the Third Plenary Session of the 20th Central Committee, conscientiously implement the deployment of the National Science and Technology Conference and the Central Financial Work Conference, do a good job in science and technology finance, coordinate and promote policies and tools such as venture capital, bank credit, capital market, science and technology insurance, bond issuance, etc., provide full life cycle and full chain financial services for science and technology innovation, guide long-term capital, patient capital and high-quality capital to enter the field of science and technology innovation, accelerate the construction of a science and technology finance system with Chinese characteristics, form a diversified, multi-level and multi-channel pattern of science and technology investment, strengthen financial services for national strategic science and technology forces such as national laboratories and technology leading enterprises, and provide strong financial support for major national science and technology tasks and technology-based small and medium-sized enterprises.
2、 Give full play to the role of venture capital in supporting technological innovation as a driving force
（1） Establish the National Entrepreneurship Investment Guidance Fund. Give full play to the important role of the National Entrepreneurship Investment Guidance Fund in supporting technological innovation, take promoting the growth of technology-based enterprises as an important direction, cultivate and develop strategic emerging industries, especially future industries, promote the transformation of major scientific and technological achievements into real productivity, accelerate the realization of high-level scientific and technological self-reliance and self-improvement, and cultivate and develop new quality productivity.
（2） Expand the sources of venture capital funding. Expand the pilot scope of equity investment in financial asset investment companies (AICs) to 18 provinces where cities are located, and support insurance funds to participate in the pilot of equity investment in financial asset investment companies. Support venture capital institutions and industrial investment institutions to issue bonds for financing, and expand direct financing channels. Encourage the Social Security Foundation to conduct equity fund investments within its own business scope and risk prevention requirements, and support technological innovation. Optimize management mechanisms, support insurance funds to participate in entrepreneurial investment according to market-oriented principles, and promote pilot reforms for long-term investment of insurance funds. Guide wealth management companies, trust companies, etc. to participate in venture capital in accordance with laws and regulations.
（3） Optimize the assessment and evaluation mechanism for state-owned venture capital. Implement policies and measures to support the high-quality development of central enterprise venture capital funds, improve policy mechanisms for state-owned capital investment, assessment, fault tolerance, and exit that are in line with the characteristics and development laws of the venture capital industry, and conduct assessments of state-owned venture capital institutions throughout the entire fund lifecycle. Guide state-owned capital to become long-term and patient capital that supports entrepreneurial investment. Drive local state-owned capital and state-owned capital in other industries to follow suit.
（4） Establish sound exit channels for venture capital. Evaluate the effectiveness of pilot private equity fund share transfers in regional equity markets such as Beijing, Shanghai, and Guangdong, and further optimize the share transfer business process and pricing mechanism. Carry out a pilot program for physical distribution of stocks in private equity venture capital funds, allowing the distribution of shares held in listed companies to investors through non trading transfer methods. Encourage the development of private equity secondary market funds (S funds).
3、 Give full play to the important role of monetary credit in supporting technological innovation
（5） Make good use of structural monetary policy tools. Optimize structural monetary policy tools that support technological innovation. Give full play to the guiding role of technology innovation and technological transformation re lending, expand the scale of re lending quota, optimize the scope and process mechanism of support, and encourage financial institutions to increase their efforts to support major national science and technology tasks, technology-based small and medium-sized enterprises, as well as key areas of technological transformation and equipment renewal projects.
（6） Establish a special mechanism for bank credit to support technological innovation. Develop identification standards for technology-based enterprises supported by technology finance, establish a recommendation mechanism for technology-based enterprises, and facilitate accurate and effective support from banking, insurance, and financial institutions. Encourage commercial banks to establish specialized institutions for technology finance and set up technology branches in areas with dense technology resources. Encourage banks with conditions to explore long-term internal performance evaluation schemes for technology innovation loans and establish due diligence exemption mechanisms. Choose to pilot technology enterprise merger and acquisition loans in some commercial banks and pilot cities, increase the loan to merger and acquisition transaction price ratio to 80%, and extend the loan term to 10 years.
（7） Promote financial institutions to increase their support for technological innovation. Guide financial institutions to further streamline their internal loan mechanisms based on the financing characteristics of technology projects, and reasonably determine loan prices, terms, assessment and incentive requirements in accordance with the principles of risk control, compliance and transparency, and financial sustainability, in order to support technological development. Encourage policy banks to adhere to their main business, combine their own functional positioning, and support technological innovation within their business scope.
4、 Give full play to the key hub role of capital markets in supporting technological innovation
（8） Further enhance the support of the capital market for technology innovation enterprises. Establish a sound countercyclical adjustment mechanism for new stock issuance and increase support for eligible technology-based enterprises to go public for financing. Concentrate efforts to support major scientific and technological breakthroughs, and give priority to supporting technology-based enterprises that have achieved breakthroughs in key core technologies to go public for financing. Continuously support the issuance and listing of high-quality unprofitable technology-based enterprises, optimize the systems of mergers and acquisitions, equity incentives, and other measures for technology-based listed companies. Further leverage the role of the Beijing Stock Exchange as a pilot field for reform, and improve the issuance and listing system arrangements that meet the growth needs of technology-based small and medium-sized enterprises. Research and formulate policy documents to leverage the role of regional equity markets and enhance the service capabilities for technology-based small and medium-sized enterprises.
（9） Establish a sound support mechanism for the bond market to serve technological innovation. Establish a "technology board" for the bond market. Promote the high-quality development of technology innovation company bonds, include high-quality enterprise science and technology innovation bonds in benchmark market making varieties, and guide and promote investors to increase their investment in science and technology innovation bonds. Enrich the technology innovation bond products in the interbank bond market and improve the financing support mechanism for technology innovation bonds. Give full play to the credit enhancing role of credit derivatives, increase support for technology-based enterprises, venture capital institutions, and financial institutions to issue technology innovation bonds, and raise long-term, low interest, and easy-to-use bond funds for technology innovation.
5、 Utilize technology insurance to support the role of shock absorbers and stabilizers in innovation
（10） Promote innovation in technology insurance products and services. Formulate opinions to promote the high-quality development of technology insurance, establish a coordination mechanism for the development of technology insurance, optimize support policies, and accelerate the formation of policy support methods for key areas, key links, and key regions. Establish a comprehensive insurance product and service system that covers the entire lifecycle of technology-based enterprises, improve innovation mechanisms for products and services, and implement regulatory incentives and protection policies. Explore the use of co insurance to provide risk protection for key areas of technology insurance, and carry out risk diversification pilot projects such as major technological breakthroughs, pilot projects, and network security. Encourage insurance funds to participate in the implementation of major national scientific and technological tasks.
6、 Strengthen the guidance and support of fiscal policies for technology finance
（11） Give full play to the role of fiscal and tax policies, leverage more financial resources to support technological innovation. Innovate the way fiscal technology investment is made, make full use of existing policies such as loan subsidies, insurance subsidies, and risk compensation, and support enterprise technological innovation. Give full play to the role of government investment fund performance evaluation, guide funds to invest early, small, long-term, and hard technology. Implement the special guarantee plan for technological innovation and effectively leverage the role of the government financing guarantee system. Implement tax policies related to angel investment and venture capital, and guide social capital to invest more in technological innovation.
7、 Central local linkage promotes national science and technology finance work
（12） Promote the innovation points system. Promote the "Innovation Points System" nationwide, optimize the core indicators for evaluating innovation points, strengthen the hierarchical and classified management of key industries and fields, and provide accurate portraits for technology-based small and medium-sized enterprises. Establish a linkage mechanism between the innovation credit system and the re lending and special guarantee plans for scientific and technological innovation and transformation. Encourage financial institutions to use innovation points to better understand the innovation capabilities of enterprises and expand the application scenarios of innovation points in the financial field.
（13） Promote innovative practices in regional science and technology finance. We will focus on supporting international science and technology innovation centers in Beijing, Shanghai, the Guangdong Hong Kong Macao Greater Bay Area, as well as regional science and technology innovation centers in the Chengdu Chongqing region, Wuhan, Xi'an, and other areas. We will take the lead in testing relevant science and technology financial innovation policies on the track of marketization and rule of law. High level construction of science and technology innovation financial reform pilot zones in Zhongguancun, Jinan, and five cities in the Yangtze River Delta region of Beijing, as well as the Shanghai Free Trade Zone Lingang New Area Science and Technology Insurance Innovation Leading Zone, Ningbo National Insurance Innovation Comprehensive Pilot Zone, and Wuhan Donghu Science and Technology Insurance Innovation Demonstration Zone. Promote 13 key regions including Beijing, Tianjin, and Jiangsu to provide better technology and financial services with higher standards. Carry out comprehensive pilot projects for intellectual property financial ecology in provinces and cities such as Beijing, Shanghai, and Guangdong. Conduct an evaluation of the effectiveness of regional technology finance implementation.
8、 Building an open and innovative ecosystem for technology finance
（14） Promote open cooperation in technology and finance. Support foreign investment in domestic technology-based enterprises and improve the convenience of foreign investment in equity and venture capital in China. Make good use of the Qualified Foreign Limited Partner (QFLP) pilot program and cross-border financing facilitation pilot policies to broaden the cross-border financing channels for technology-based enterprises. Support technology-based enterprises to go public overseas in accordance with laws and regulations. Facing the joint construction of the "the Belt and Road" countries, we will promote international exchanges and cooperation in venture capital, technology-based enterprises, technology transfer and other fields by supporting bilateral and multilateral exchanges and cooperation in science and technology finance, and cultivate international talents in science and technology finance.
（15） Establish a sound mechanism for coordinating and promoting technology finance. The People's Bank of China, the Ministry of Science and Technology, together with the State Administration for Financial Regulation, the China Securities Regulatory Commission, the National Development and Reform Commission, the Ministry of Finance, and the State owned Assets Supervision and Administration Commission of the State Council, have established a mechanism for coordinating and promoting science and technology finance, strengthening departmental coordination, policy linkage, and information sharing in science and technology finance work. The People's Bank of China and the Ministry of Science and Technology regularly organize meetings of member units of the mechanism to study and formulate important policies on science and technology finance, pilot projects, and organize implementation, and promote the implementation of various policy measures. Carry out joint research on technology finance, strengthen policy promotion and interpretation, and jointly cultivate composite talents in technology finance. According to the current mechanism, conduct macro policy orientation consistency evaluation, technology innovation consistency review, and financial policy evaluation on the major policies and measures of science and technology finance formulated and introduced by various departments.
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