To thoroughly implement the guiding principles of the fourth plenary session of the 20th Communist Party of China (CPC) Central Committee, accelerate the realization of greater self-reliance and strength in science and technology, and implement the Several Policy Measures for Accelerating the Establishment of a Sci-Tech Financial System and Strongly Supporting High-Level Self-Reliance and Strength in Science and Technology, the People’s Bank of China (PBOC), together with the Ministry of Science and Technology (MOST) and other relevant authorities, convened the first meeting on the coordinated mechanism for advancing technology finance on November 27. PBOC Governor Pan Gongsheng and MOST Minister Yin Hejun attended and addressed the meeting, which was chaired by PBOC Deputy Governor Zhu Hexin. Attendees also included Qiu Yong, Vice Minister of the MOST, Zhou Liang, Vice Minister of the National Financial Regulatory Administration (NFRA), Chen Huaping, Vice Chairman of the China Securities Regulatory Commission (CSRC), and Xiao Zonghui, Member of the CPC Committee of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).
It was noted at the meeting that the fourth plenary session of the 20th CPC Central Committee set out the top-level design and strategic blueprint for development in the coming five years. The session reaffirmed the strategic core position of sci-tech innovation in China’s development, and called for accelerating technological self-reliance and strength, fostering new quality productive forces, and advancing the “five major areas of finance”—specifically technology finance, green finance, inclusive finance, old-age finance and digital finance. These requirements chart the course for technology finance during the 15th Five-Year Plan period. All relevant departments should thoroughly study and implement the guidelines of the plenary session, leverage the leading role of sci-tech innovation, accelerate the establishment of a technology finance system aligned with the needs of sci-tech innovation, and continue to deepen the supply-side structural reform of the financial sector. These efforts will foster a virtuous cycle among technology, industry, and finance to provide solid support for building China into a sci-tech powerhouse.
It was noted at the meeting that during the 14th Five-Year Plan period, relevant departments worked in close collaboration, with concerted efforts made at both central and local levels. Significant progress has been achieved in financial support for sci-tech innovation, and a range of valuable experiences have been gained, enhancing the sense of fulfillment among enterprises. The strengths of various financial instruments—be it direct or indirect financing—have been brought into full play, contributing to a more robust multi-tiered financial service system. Differentiated financial support paths have been established to cover the entire chain of sci-tech innovation and the whole life cycle of technology-based enterprises, with a focus on guiding capitals towards early-stage startups, small businesses, long-term projects, and core technology. Cross-departmental policy coordination was strengthened to create a favorable environment for the development of technology finance.
It was stressed at the meeting that next year marks the first year of the 15th Five-Year Plan. All relevant departments should ensure solid implementation of all tasks, maintain the effective operation of the coordinated mechanism for advancing technology finance, and enhance synergy between science and finance as well as collaboration between central and local authorities. Policy measures should be refined accordingly. Efforts should be made to fully leverage the role of the central bank lending for sci-tech innovation and technological transformation, advance the high-quality development of the sci-tech board in the bond market, and improve the cycle of capital raising, investment, management and exit for the private equity and venture capital. Also, measures should be taken to strengthen the high-quality development of sci-tech insurance, promote efficient and well-targeted allocation of financial resources, and enhance the assessment of financial institutions’ performance in the “five major areas of finance”. Supporting mechanisms for financing matchmaking, information sharing, and intellectual property commercialization should be further improved to help achieve greater self-reliance and strength in science and technology.
Officials from relevant departments of the PBOC, the MOST, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the SASAC, the NFRA, the CSRC, the China National Intellectual Property Administration, the National Data Administration, and the State Administration of Foreign Exchange attended the meeting.
